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 00 broke the $127, $130, $134 and $136 resistance and, now, is on the warpath to tackle the $140 resistance.
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.
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.
Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase.
The post Ethereum Price Analysis: ETH Makes the Long Slog Back Toward $165 appeared first on Bitcoinist.com.