- Report: Stablecoins Pegged to USD Set All-Time High Record for Trading Volume
- Craig Wright: Copyright Registration Proves I’m Bitcoin's Satoshi; Copyright Office: Nope!
- Ethereum Price Technical Analysis (May 23): Correction to Support Level Is Expected
- SEC Ends a $30M Cryptocurrency Ponzi Scheme Supposedly Backed by Diamonds
- The Ethereum Foundation Allocates $30 Million for Mainnet Development
Ethereum (ETH) is currently trading at around $176. The digital coin is in an uptrend and recently we saw it breaking the resistance level of $181, though it is currently trading below the resistance. Looking at the chart, we can see that the next resistance is at $196, while the earlier support was at $166.
According to Dow Theory, ETH is currently situated in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be the longest lasting, but also the one with the largest price movement. It is also the phase in which most technical and trend traders start to take long positions.
Taking 9 period moving averages (blue) with 21 period moving averages (red), a Bullish crossover is seen, with the price moving above the 21 period moving average and the 9 period moving average. The moving average is also acting as support.
The price was moving between channel, but recently we saw the price breaking the upper limit of the channel with positive momentum indicating upward movement.
The virtual coin is currently trading at approximately $176, as current support is at $181 and resistance at $196. Moving averages show a bullish crossover, indicating an upward movement. Bollinger Bands also show a breakout with positive momentum, which indicates an upward price rally.
Therefore, long position can be taken by keeping support at around $181; also, swing trading can be done by keeping above-mentioned levels. It is suggested to stick to the stoploss as the breakout, which occurred recently, could be a false breakout. Te overall trend is bullish; $220 is the target using Fibonacci and other indicators for mid term trading.