Flag on ETH/USD. Demand for cryptocurrency remains

Technical indicators:
  • Market Cap, billion: $31.45
  • % chg. over the week: +11.44
  • 52 wk range: 201 – 395.99

Last week, Ethereum kept a key level of $300, which caused an increase in demand for digital currency. Today, the trading volume of Ethereum has exceeded $1 billion. ETH/USD worked well the classic pattern of "Ascending Triangle". Investors stay optimistic despite the fact that the CME Group (the largest North American operator of financial derivatives) announced the launch of the Bitcoin futures trading this year.

The current technical pattern on ETH/USD
  • Support levels: 320.00, 300.00, 288.00
  • Resistance levels: 332.00, 340.00, 345.00
ETH/USD

The technical pattern on ETH/USD indicates the possibility of further quotes growth. At the moment, the classic pattern of the technical analysis "Flag" was formed, which quite often is a continuation of the current trend. The local resistance is the level of 332.00.

At the moment, the signals of the indicators are different. The price has fixed above 50 MA and 200 MA.

The MACD histogram is in the negative zone. Nevertheless, we recommend opening positions in the direction of the current trend.

Trading recommendations

If the ETH/USD quotes fix above the local resistance of 332.00, it is necessary to search for entry points to the market to open long positions. The closest goal for profit taking is the 345.00 mark. When tracking the positions, we recommend using a trailing stop.

by JustForex, 2017.11.14

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.