Welcome to PrimeXBT’s latest trade idea, focusing on ETHUSD’s price action as well as the digital asset’s fundamental news.
Fundamental News:
The Ethereum (ETH) network is still number one when it comes to decentralized applications (dApps) in the cryptocurrency space, despite the rise of many so-called “Ethereum killers,” according to data from a report published DAppRadar, a website that tracks the most popular decentralized applications.
The Ethereum blockchain is also expected to undergo an emergency hard fork later this month.
Technical Analysis:
Technical analysis of ETHUSD’s chart suggests that the trend may soon be shifting for ETH, as Ethereum's price is currently caught within a descending channel, while also forming a falling wedge that is a classic bullish reversal pattern.
Looking ahead, if bulls continue to push it above $135, other resistance levels are located at $145, $153, and $164. On the other hand, if the sellers push ETH beneath the current support level of $128, other support levels are found at $120, which is the lower boundary of the channel, $118, and $116.23.
We only offer you the most valuable analysis each day. Stay tuned for more infographics, analytics, reviews, summaries, and more!
Fundamental News:
The Ethereum (ETH) network is still number one when it comes to decentralized applications (dApps) in the cryptocurrency space, despite the rise of many so-called “Ethereum killers,” according to data from a report published DAppRadar, a website that tracks the most popular decentralized applications.
The Ethereum blockchain is also expected to undergo an emergency hard fork later this month.
Technical Analysis:
Technical analysis of ETHUSD’s chart suggests that the trend may soon be shifting for ETH, as Ethereum's price is currently caught within a descending channel, while also forming a falling wedge that is a classic bullish reversal pattern.
Looking ahead, if bulls continue to push it above $135, other resistance levels are located at $145, $153, and $164. On the other hand, if the sellers push ETH beneath the current support level of $128, other support levels are found at $120, which is the lower boundary of the channel, $118, and $116.23.
- Local Support Level: $125
- Local Resistance Level: $135
- Major Support Level: $116
- Market Cap: $13 981 221 039 USD
- Volume (24h): $8 338 668 953 USD
- Circulating Supply: 108 976 307 ETH
We only offer you the most valuable analysis each day. Stay tuned for more infographics, analytics, reviews, summaries, and more!
Comment:
Comment:
Ethereum/Bitcoin Forming a Bullish Trend Reversal Pattern
Trade closed: target reached
