Ethereum breaks above $ 600 and aims further north

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ETHEREUM PRICE PUMP SOON – LAST CHANCE TO BUY CHEAP ETH | 70% Agree! ETH Chart & News Update

CONTENT

  • Long-term resistance for ETH is located at $ 650 and $ 830.

  • ETH is likely to have formed a double top.

  • ETH Bullish Breakout of Short Term Symmetrical Triangle.

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ETH has strengthened significantly since March and is now approaching long-term resistance. We expect its successful breakout and continued growth towards the resistance levels indicated below..

Long term resistance

The Ethereum (ETH) rate has been strengthening since March, and at the moment the value of this cryptocurrency has grown by 608%.

Read also: The first block has been mined on the Ethereum 2.0 network. We tell you why it is important

Predicting Bitcoin and Ethereum With Statistical Pricing Models…

ETH is currently approaching the first major Fibonacci resistance level (0.382) of the retracement from the all-time high of 2018, located at $ 653.

Stronger resistance is represented by the Fibo 0.5 retracement level. It is located at $ 830, and there is also an area of ​​horizontal resistance. A breakout of this area can send the market to historic highs.

Technical indicators are giving mixed signals. On the one hand, the weekly RSI shows bearish sentiment and signals bearish divergence within the overbought zone. On the other hand, MACD is bullish and is still growing, showing no signs of divergence. Stochastic Oscillator is neutral.

In this regard, it makes sense to switch to shorter-term timeframes..

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ETH chart. Source: TradingView

Double top

ETH’s daily chart indicates the likelihood of a double top forming around $ 610 amid bearish divergence in RSI and MACD. In addition, the two bearish candles that formed this pattern are characterized by the maximum trading volumes.

If the price goes down, the nearest support area will meet it only at $ 180.

ETH chart. Source: TradingView

What’s next

However, on the 2-hour chart, the price has already declined after the formation of a double top, however, on this decline, it immediately attracted buyers, barely reaching the Fibo level of 0.5 correction.

MACD and RSI are rising, supporting the market’s chances of a bullish breakout.

ETH chart. Source: TradingView

In addition, the shorter charts show a bullish breakout of the symmetrical triangle, which could be a catalyst for growth..

ETH chart. Source: TradingView

Ethereum breaks above $ 600 and aims further north

Wave analysis

Cryptocurrency trader @ Mesawine1 shared the results of the ETH wave analysis with his readers, saying that he expects a breakout towards the $ 800 mark.

Source: Twitter

While longer-term analysis looks uncertain, it looks like ETH launched a bullish impulse structure (white on the chart) in September and is now inside its 5th wave..

The likely retracement of the 4th wave after the bullish breakout of the channel supports this scenario.

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The target level for the top of the 5th wave can be the area of ​​$ 805- $ 818, highlighted by the projection of waves 1-3 to the bottom of wave 4, as well as using the Fibo level 4.61 of the extension of wave 1. In addition, there is also the area of ​​long-term resistance mentioned us in the first part of the analysis.

This scenario will be neutralized if the price absorbs the low of the 4th wave at $ 485.

ETH chart. Source: TradingView

Conclusion

Thus, the ETH rate can make a bullish breakout of the current resistance and continue to rise towards the likely highs in the $ 805- $ 830 area.

You can read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Ethereum breaks above $ 600 and aims further north
Ethereum breaks above $ 600 and aims further north
Ethereum breaks above $ 600 and aims further north

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