With the record coming in Bitcoin, activity was observed in many altcoins. Ethereum, the largest altcoin, also rose to a significant $ 630 during the day. Bitcoin is currently holding above $ 20,000, while Ethereum is trading above $ 620. So what are the levels to be considered in ETH?
It is currently facing strong resistance near the $ 652 level. The 50% Fib retracement level of the last drop acts as a major resistance. A clear break above the $ 652 resistance level could open the doors for a new rally. The next major resistance is near the $ 658 level, followed by $ 675. Further rally would probably require testing the $ 700 level. While this level has been working as support and resistance many times in 2018, it is estimated that acceleration up to $ 670 can be seen after closing above this level daily. When we look at the Fibonacci levels, the resistance is at $ 630, 666, 704, and $ 740, while the $ 580 and $ 540 are important support levels. When we look at the long term, we see that Ethereum, a bowl formed in 2 years and with a value of $ 550, is about to be completed. Although we cannot say the dish is complete yet, if we hold on to above $ 630 in the continuation of this movement, a huge bowl will be completed. In this case, we will be following $ 1100 as the dish target in the medium-long term.
Hourly MACD – The MACD for ETH / USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently near the 50 level.
Major Support Level – $ 630
Major Resistance Level – $ 652
P.S: This is not an investment advice.