The technicals for Ethereum displayed strong bull run signals which might push the price above the $200-level, breaking its six-month high. November 2018 was a bloodbath, with Ethereum, like Bitcoin and other altcoins, nosediving to new lows. The prices have since been trying to recover from the dip.
ETH/USD’s one-day chart showed the formation of an ascending triangle pattern. Regardless of where they are formed, the pattern is bullish. Ethereum’s prices have been consistently forming higher lows for almost five months now. The reaction lows of the prices form the ascending line of the pattern. Meanwhile, a clear divergence between the price and volume can be seen.
The aforementioned points fulfill the criteria and confirm the formation of an ascending triangle. Hence, when the price breaks this pattern, a breakout to the upside, i.e., a bullish breakout, can be expected. This breakout could very well push the price of Ethereum past the six-month high, just like Bitcoin. Additionally, the MACD indicator shows that it is ready for a breakout as there is a bullish crossover has been recorded.
Further, there is resistance from $160 to $175, which is already being tested. If the price breaks out of this range, then the probability of a breakout will be higher. Ethereum’s price movement is very closely correlated with that of Bitcoin. More specifically, Ethereum’s price movements usually correspond to that of Bitcoin, despite lagging behind BTC’s own price movements. Thus, it can be expected that the price of ETH might follow Bitcoin’s trail and overcome the six-month high.
A Twitter user, @TheCryptoDog, commented,
“$ETH looking like $BTC about $1,000 ago.”
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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX bulls race to the top
Ethereum [ETH], the second largest cryptocurrency on CoinMarketCap, was priced at $249.71, at press time. The market cap of ETH was $26.5 billion, with the coin falling by 2.62% over 24 hours. At press time, the 24-hour trading volume was just over $11 billion.
With $1.87 billion in market cap, TRX was ranked eleventh and was priced at $0.02, at press time. The 24-hour trading volume was $692.92 million, with the coin falling by 3.87% in value, at press time.
ETH saw resistance at $266.14, and its support lines were traced at $150.45 and $104.64. There was an uptrend extending from $153.89 to $261.56. ETH strengthened its value by experiencing a hike in price and retaining continuous growth for the past two weeks.
Bollinger Bands were diverging and showcased an increase in volatility in the market. As the moving average line was below the candlesticks, a bullish trend was forecast.
Awesome Oscillator conveyed a bullish buying opportunity as the short-term momentum was rising swiftly.
Chaikin Money Flow indicator revealed that the amount of money flowing into the market was greater than the money flowing out of the market.
The resistance stood at $0.03 and the support lines stood at $0.02 and $0.01 for TRX. TRX saw its first uptrend from $0.026 to $ 0.031, and the second uptrend was from $0.024 to $0.034.
Moving Average Convergence/Divergence [MACD] indicator pictured a bullish crossover.
Parabolic SAR indicator conveyed a bullish trend as the dotted markers were traced below the candlesticks
Relative Strength Index indicator showed bullish divergence due to the oversold condition of the market.
The coins were strengthened by the bullish market trend. All indicators showed both coins recording steady and forward movement.
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