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giovedì 5 novembre 2020

Ethereum Prints Bullish Breakout, A Strengthening Case For $425

 Ethereum’s ether started a fresh increase above $385, following bitcoin’s rise above $13,800 against the US Dollar. ETH price is likely to continue higher towards $420 and $425.

  • Ethereum is up over 5% and it broke the key $400 resistance level.
  • The price is now trading above $404 and the 100 hourly simple moving average.
  • There was a break above a major contracting triangle with resistance near $385 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher once it clears the $408 and $410 levels.

Ethereum Price is Gaining Bullish Momentum

After finding a strong support near $372, Ethereum started a fresh increase. Bitcoin price rallied above $13,800 and $14,000, resulting in a decent increase in ETH above the $388 and $395 resistance levels.

The recent rally was initiated after there was a break above a major contracting triangle with resistance near $385 on the hourly chart of ETH/USD. Ether price even cleared the $400 resistance level and settled well above the 100 hourly simple moving average.

A new monthly high is formed near $408 and the price is currently consolidating gains. An initial support is near the $402 and $401 levels. The 23.6% Fib retracement level of the recent increase from the $379 swing low to $408 high is also near the $401 level.

Ethereum Price

Source: ETHUSD on TradingView.com

It seems like there is a key contracting triangle forming with resistance near $407 on the same chart. A clear break above the triangle resistance and $208 could open the doors for more upsides.


The next immediate resistance is near the $412 level, above which the bulls are likely to aim a larger rally towards the $420 and $425 resistance levels in the coming sessions.

Downside Limited in ETH?

If Ethereum fails to clear the $407 and $408 resistance levels, it could correct lower. An initial support on the downside is near the $400 level and the triangle lower trend line.

If there is a downside break below the triangle support at $401 and $400, ether price might decline towards the $395 support. It is close to the 50% Fib retracement level of the recent increase from the $379 swing low to $408 high.


Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 60 level.

Major Support Level – $400

Major Resistance Level – $408

Aayush Jindal by Aayush Jindal

https://www.newsbtc.com/

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