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.

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