Saturday, 21 September 2019

Ethereum Shows Recovery: Bulls Jump In Again


Daily Chart

Ethereum breaks out both 20 and 50-day EMA. Also, a golden cross between moving averages is about to happen. RSI shows that the power is in bulls' hands. All of these show that the trend is changing from down to up.

ETH/USD has rebounded from the trend line shown in the chart and it found support from 0.236 Fibonacci level at $212. The bulls will try soon to propel the pair above the trend line and carry it to the next target at $240 thereafter to $265.

On the way down, the moving averages will give us a great opportunity to buy Ethereum at good levels with stop loss below them.

4h chart eth

4H Chart 

In the 4H chart, you can see clearly how the 20-day EMA provides good support. Below is the 50-day EMA that may hold any correction.The main resistance level is at $240. If bulls successfully break above it, a strong uptrend is expected to start.

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