ETH looks ready to have another go at tackling the $200 resistance and traders are wondering if the current surge the result of positive news or a more technical move.
Ethereum Price: Market Overview
Ethereum 00 had spent the last three weeks in a rut but a trend reversal on the ETH-BTC could mean it’s ETH’s time to run alongside Bitcoin.
The recent surge was possibly influenced by the rumor that the CFTC might approve Ethereum futures and Consensus 2019 fast approaches and the coming days and price action will reveal whether the move was a technical or media-driven surge.
Given that Ethereum price has been crushed throughout 2018, the approval of CFTC ETH futures would likely receive long bets from investors since ETH remains light years away from its 2018 all-time high.
ETH-BTC Daily Chart
On Monday the ETH-BTC pairing broke the long pattern of lower lows and after setting a higher high and low it appears that trend reversal could be in play.
ETH managed to briefly pop above the falling wedge but at the time of writing the digital asset is retracing as BTC dropped sharply after reaching a new 2019 high.
ETH-BTC Monthly Chart
As shown on the monthly chart, a move to 0.032247 and 0.038508 would confirm that ETH has changed the trend for the short term and an even more encouraging move would see ETH overtake the previous monthly high at 0.041824 and set a higher low on the monthly chart.
ETH-USD Daily Chart
The daily chart for ETH-USD shows the most recent move brought the top altcoin above the 100 day MA (white) and the 61.8% Fib retracement level. There is also a bullish cross on the MACD and a close above $187.62 could open the path to $200.
ETH is now positioned to overtake the descending trendline and the recent high at $187.62 and the move is likely to accompany Bitcoin’s attempt to overtake $6,000. ETH has fairly reliable support at $160 at the 100MA and also at $156 and $145.
Currently, $190 and $200 represent the stiffest overhead resistance. A quick glance at the weekly chart shows if ETH maintains its upward momentum the 12 and 26 EMA could pull of a bullish cross for the first time since March 2017 and the weekly RSI is also approaching bullish territory.
Do you think ETH will overtake $200 this week?
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex. The charts for the analysis are provided by TradingView.]
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Images courtesy of Shutterstock, Trading View. Market data sourced from Coinbase.fkff
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