The Ethereum prepares for growth? The answer is on the charts
Source:
seems to be preparing for a sharp price jump. This time luck favors the bulls cryptocurrencies have all the chances for the formation of a good short term uptrend. For a start, the asset still needs to break through resistance levels in the area of 208 dollars. From the point of view of fundamental factors while everything goes so smoothly. Earlier, the developers of Ethereum Foundation activation hard forks Constantinople in 2019.
The Overall situation looks like this:
the-
the
- the asset price managed to hold above key support at line $ 200; the
- on a scale of 4-hour chart formed a bullish pattern to break up; the
- technical indicators are indicative of the presence of bulls in the market.
At the moment Ethereum is trading around $ 205. In the past 24 hours, the cryptocurrency rose 0.16 percent.
theTechnical analysis
This week did not bring at auction is practically nothing new. The second capitalization of the coin is still konsolidiruyutsya in a narrow channel on the main support level. Now Ethereum is trading under the 100 SMA on 4-hour chart, but hope for growth is still there.
During the previous move above the asset could not break through the 0.5 Fibonacci and fell again to $ 200. At the moment the strongest area of resistance is concentrated at line 208 of dollars. There is moving average and 100 SMA is 0.74 Fibonacci level.
image Source — NewsBTC
The Situation on technical indicators is quite promising for the bulls. MACD on a scale of 4-hourly chart is in bullish zone, RSI is also moving steadily up. If the situation is really formed as expected in Platform, Ethereum can enter the growth stage. In this case, we recommend to open long positions only after breaking the level of $ 208.
In the meantime, go to the discussion of the current state of the market .
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