By no,w Ethereum’s hardfork hype has passed and traders are probably pleased by the swing opportunities and bullish behavior exhibited by the price of ether (ETH). A move above the $140 resistance could open the doors for a run back to $165.
Over the past few days, ETH [coin_price coin=ethereum] broke the $127, $130, $134 and $136 resistance and, now, is on the warpath to tackle the $140 resistance.
Daily Chart
The daily chart is set up nicely with the MACD on the verge of a bullish cross. The MACD bullish cross on the daily and 4-hour chart has been a fairly reliable indicator to use for entries and exits.
The Stochastic RSI is quickly approaching bullish territory.
1-Hour Chart
ETH is meeting resistance at the 100-MA which aligns with the 38.2 percent Fib retracement level on the four-hour chart. ETH is well above the 12 and 26 exponential moving averages and, in the event of a pullback, the former resistance at $136 and $134 should serve as support. $134 also rests along the ascending trendline.
Above $134, ETH appears ready to have a go at $145 — assuming BTC concurrently crosses above $4,000. Previous attempts at $140 met sellers, so sustaining above this level for a four-hour close is necessary. Swing traders could wait for a possible third rejection at $140 or keep an eye on the order book, as selling pressure appears ready to increase once ETH reaches $145. More aggressive traders could set a market buy above $142 or $146 with a stop at $140 or $144.
Happy trades, friends!
Do you think ETH will tackle $145 over the next 48-hours? Let us know what you think in the comments below!
Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase. The charts for analysis are provided by TradingView.]
Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase.