Ethereum Is Consolidating. The Growth Is going to Prevail in Further

Technical indicators:
  • Market Cap, billion: $45.21
  • % chg. over the week: +2.25
  • 52 wk range: 201 - 519.23

Since the beginning of this month, the ETH/USD quotes are in a sideways trend. The technical pattern is ambiguous. Strong support and resistance levels were formed during this period: 400.00 and 480.00, respectively. Demand for a cryptocurrency is still high. It should be recalled that on December 18, the operator of financial derivatives, CME Group, will start trading futures for Bitcoin. These events will strengthen the regulation of cryptocurrencies trading.

The current technical pattern on ETH/USD
  • Support levels: 440.00, 400.00, 350.00
  • Resistance levels: 480.00, 520.00
ETH/USD

At the moment, ETH/USD is consolidating in the range of 440.00-480.00. Indicators point to the power of buyers:

- The price has fixed above 50 MA and 200 MA;
- The MACD histogram has begun to rise, which also indicates the bullish sentiment.

Ethereum is tending to grow. We recommend opening positions in the direction of the main trend.

Trading recommendations

If the price fixes above the key resistance of 480.00, you need to look for entry points to the market to open long positions. The closest target for fixing profits is the level of 520.00. When following the positions, we recommend using a trailing stop.

Alternative option. If the price fixes below the level of 440.00, we expect a correction of the ETH/USD quotes. The movement is tending to 400.00-350.00.

by JustForex, 2017.12.11

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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