Chart of the day: Ether Bulls Eye New
Chart of the day: Ether Bulls Eye New
cryptocurrencies continue to show strength by keeping around the $ 50,000 marks and others like interest bullies and breaking out everyone. In fact, after a big outbreak on Monday, ETH/USD seems ready to recover. Will it achieve a new record high?
Bitcoin has now spent several days to crack the $ 50,000 hurdle. The longer it stops here, the greater the resulting movement will be, it should finally be decided to move higher.
If Bitcoin breaks up, this will probably give further buoyancy for old coins. But while BTC decides, some of the old coins are already on the move, not least Ethereum.
after the outbreak on Wednesday ETH/USD consolidated his winnings on Thursday. At the beginning of the session on Friday, it looked as if the ETH would continue to push up after the movement had only taken a few moments below Thursday. At the time of the letter, ETH/USD was near the daily highs and threatened to break a new multi -week high and to the next psychological hurdle of $ 4,000
The path of the slightest resistance clearly leads upwards, and I would not bet that Ether will reach the 4,000 USD hurdle or even a new record high above the May $ 4352. If it reaches a new one, the full attention would be pointed out where it goes next. I assume that it could go on to achieve the $ 5,000 hurdle, in which the 127.2% Fibonacci extension level converges.
but don't let us rapid yet. It is important that ETH/USD keeps the outbreak when it breaks over the short -term resistance of around $ 3840. If this is not the case, we could experience a strong retreat, as disappointed bulls cover their positions. In this potential scenario, ETH could initially fall into the next important support area by $ 3350 before we may see a new strength again.
regardless of what it does at short notice, the long-term technical outlook for ETH/USD remains positive, since it is conveniently above the simple, sliding 200-day average, whereby the faster exponential 21-day average is also higher. The prices have risen within an interest bullish channel, which is a further indication of a strong market.
I would concentrate on buying the break -in at or to support support and try to take partial profits on the way to take part in the levels discussed.
, however, it is important to have some means invested in the cryptocurrency if it does what Bitcoin did last year. You will never know 100% what the markets will do, but you have to be there to benefit from a potentially large rally. By taking partial winnings with you during the day, this reduces the urge to completely close your position - and prematurely.