Ethereum rate rushes north and renews annual high

Ethereum rate rushes north and renews annual high

NEW Ethereum Price Target MUCH HIGHER

Contents

Ethereum rate rushes north and renews annual high
CONTENT

  • ETH Targets Important Resistance $ 545.

  • Long-term indicators started to show signs of weakening.

  • ETH / BTC rate bounced from ₿0.0260.

Ethereum rate rushes north and renews annual high

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Ethereum has made a bullish breakout of the $ 490 resistance area and updated this year’s high. However, there is important long-term resistance ahead, which could trigger a rebound.

Long term levels

The Ethereum (ETH) rate rose significantly after the March collapse, which sent the price under the $ 100 mark. Despite another fall, experienced on September 4, the cryptocurrency subsequently won back all these losses..

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At the time of writing, ETH is trading above the $ 500 mark, holding the important resistance level of $ 545. Here is the horizontal resistance, as well as the Fibo level 0.618 of the correction of the recent decline.

In addition, if we consider the price movement since November 2018 as a corrective structure A-B-C (white color on the chart), then the most likely area for the formation of a top will be the $ 535 area, the 1.61 Fib level of wave A.

Ethereum rate rushes north and renews annual high

ETH chart. Source: TradingView

Technical indicators have already started to show signs of weakening. Bearish divergence signals on the weekly RSI have yet to be confirmed – unlike the MACD. In addition, the Stochastic Oscillator may soon form a bearish crossover, confirming a trend reversal..

ETH chart. Source: TradingView

Cryptocurrency trader @ cryptodude999 shared an ETH chart with his readers, reporting that he is building up short positions within the $ 500 resistance area. This area is located just below the resistance area indicated above, but is still close enough to it, confirming. That in this area the price can form a top.

Source: Twitter

Short-term dynamics

On the daily chart, we can see that the price is in the process of a bullish breakout of the $ 490 resistance area against the backdrop of a bullish candle. Perhaps this move will push ETH in the direction of $ 545.

ETH chart. Source: TradingView

On an even shorter-term, 6-hour chart, the ETH rate has already made a bullish breakout of the parallel rising channel and is now in the process of rising. This also supports the pair’s odds of rising to $ 545..

ETH chart. Source: TradingView

ETH / BTC

The ETH / BTC rate has significantly dropped since the beginning of September. However, the price reached the support area of ​​₿0.0260 and probably started to bounce off it. In addition, a “double bottom” pattern appeared on the chart, which was accompanied by strong bullish divergence signals on the RSI and MACD. Meanwhile, the Stochastic Oscillator has formed a bullish crossover.

If the price continues to rise, the nearest resistance area will meet it in the area of ​​290.0295.

Conclusion

Thus, the Ethereum rate can continue to rise in the direction of – at least – $ 545, after which it may launch a long-term bearish move. It can also be assumed that the ETH / BTC rate found the bottom, demonstrating that the growth of ETH will occur faster than the growth of BTC..

Read the latest Bitcoin forecast (BTC) can be here.

Disclaimer: Cryptocurrency trading involves 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.

Ethereum rate rushes north and renews annual high

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