Ethereum Is Testing a Historical Maximum

Technical indicators:
  • Market Cap, billion: $42.79
  • % chg. over the week: +32.93
  • 52 wk range: 201 - 446.00

Since the beginning of this month, there has been a pronounced upward trend on ETH/USD. During this period Ethereum grew by more than 46%. Today, the digital currency has set a new historic high. The ETH/USD quotes have reached the level of 440.00. The volume of trading Ethereum has exceeded $1.8 million. Demand for cryptocurrency remains at a very high level.

The current technical pattern on ETH/USD
  • Support levels: 400.00, 370.00, 345.00
  • Resistance levels: 440.00
ETH/USD

At the moment there are aggressive purchases of ETH/USD. The trading instrument has the potential for further growth. The price is testing the local resistance of 440.00. The round level 400.00 is already a "mirror" support.

The indicators point to the power of buyers. The price has fixed above 50 MA and 200 MA.

The MACD histogram is located in the positive zone and continues to rise, which also signals the purchase of ETH/USD.

Trading recommendations

Conservative traders are advised to wait for the retest of the "mirror" support level of 400.00. If the price reaches this mark, it is necessary to consider buying ETH/USD.

We also recommend looking for entry points to the market for opening long positions if the price fixes above the 440.0 mark. The movement is tending to the round level of 500.00. When tracking positions, one should use a trailing stop.

by JustForex, 2017.11.24

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Monetary Policy Statement: What you need to know
Almost every month in the economic calendar, traders can see such events as the monetary policy meeting minutes. As a rule, during the publication of this protocol, the volatility increases sharply. Let's find out what this protocol is and whether it is possible to make money on it.
Read more
Forex Trade in Nigeria: Choosing the Right Timing for Successful Trading
The Nigerian economy is strong and blossoming, so it provides plenty of opportunities for earning, investing, and making more money. Forex trading is one of the ways to multiply your savings, but there are many factors that impact the outcome of your trading. Along with choosing the right currency pair, you need to carefully calculate when to trade (and when not to trade). This article will help you keep track of the best trading periods by the Nigerian time and how to decide when to enter the trades and when to refrain from them.
Read more