Ethereum will stay in positive zone
Ethereum price stayed in a positive zone against the US Dollar and Bitcoin. ETH/USD must move above the $524 level to extend gains in the near term. Yesterday’s highlighted crucial bullish trend line with support at $502 is intact. There was a false downside break recently, but the pair recovered back above $500. The current trading session is $514 and which will remain positive throughout the day.
In the four hours chart, we see the similar partners which was previously in November 2017. The major drop on ETH/USD and then the great raise. The pair is currently trading above the trend line support at $512 and the 100 hourly simple moving average. It seems like the pair is well supported above the $485-500 zone. On the upside, it is facing a few key hurdles near the $425 level.
The first resistance was near the 76.4% Fib retracement level of the last decline from the $1428 high to $360 low. However, a break above the high was at $1000 which needed for buyers to gain control in the longer term. That is the simple explanation of the long term strategy.
Now see the fluctuations in the chart, first drop is around $500 zone, the second major drop was also in the same region and third is in $300. It meant that it will not face any major drops for near future.
In the four hours chart, we see the similar partners which was previously in November 2017. The major drop on ETH/USD and then the great raise. The pair is currently trading above the trend line support at $512 and the 100 hourly simple moving average. It seems like the pair is well supported above the $485-500 zone. On the upside, it is facing a few key hurdles near the $425 level.
The first resistance was near the 76.4% Fib retracement level of the last decline from the $1428 high to $360 low. However, a break above the high was at $1000 which needed for buyers to gain control in the longer term. That is the simple explanation of the long term strategy.
Now see the fluctuations in the chart, first drop is around $500 zone, the second major drop was also in the same region and third is in $300. It meant that it will not face any major drops for near future.
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