Ethereum Is Testing a Historical Maximum

Technical indicators:
  • Market Cap, billion: $42.79
  • % chg. over the week: +32.93
  • 52 wk range: 201 - 446.00

Since the beginning of this month, there has been a pronounced upward trend on ETH/USD. During this period Ethereum grew by more than 46%. Today, the digital currency has set a new historic high. The ETH/USD quotes have reached the level of 440.00. The volume of trading Ethereum has exceeded $1.8 million. Demand for cryptocurrency remains at a very high level.

The current technical pattern on ETH/USD
  • Support levels: 400.00, 370.00, 345.00
  • Resistance levels: 440.00
ETH/USD

At the moment there are aggressive purchases of ETH/USD. The trading instrument has the potential for further growth. The price is testing the local resistance of 440.00. The round level 400.00 is already a "mirror" support.

The indicators point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is located in the positive zone and continues to rise, which also signals the purchase of ETH/USD.

Trading recommendations

Conservative traders are advised to wait for the retest of the "mirror" support level of 400.00. If the price reaches this mark, it is necessary to consider buying ETH/USD.

We also recommend looking for entry points to the market for opening long positions if the price fixes above the 440.0 mark. The movement is tending to the round level of 500.00. When tracking positions, one should use a trailing stop.

by JustForex, 2017.11.24

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
How to Interpret Inflation Data?
The Consumer Price Index, better known as CPI, is an important economic indicator regularly published by major economies to provide timely information on current inflation.
Read more
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more