Jump to content

Ethereum (ETH) Primed to Break Higher as Resistance Comes Under Renewed Pressure


Recommended Posts

ETHEREUM (ETH/USD) PRICES, CHARTS, AND ANALYSIS:

  • Ethereum – 3rd time lucky at resistance?
  • Bull flag formation sets the tone.

Deposit Contract of Ethereum 2.0 Reaches $28 Billion Worth of ETH | Finance  Magnates

 

Ethereum is threatening to break through multi-week resistance as the second-largest cryptocurrency turns higher. ETH has lagged Bitcoin over the last few days, pushing the ETH/BTC spread back down to a multi-week low of 600, but this underperformance is now starting to turn, leaving Ethereum close to a technical resistance level.

Bitcoin (BTC) Grinding Back to Multi-Month Highs, Volt ETF Offers Crypto Diversification

The cryptocurrency market as a whole is also growing and is not too far off its record high printed in mid-May this year. The recent move has been lead by Bitcoin but a raft of other coins are now moving higher, with strong, single-digit percentage gains seen today.

CRYPTOCURRENCY MARKET TOTAL CAPITALIZATION – OCTOBER 14, 2021

Ethereum (ETH) Primed to Break Higher as Resistance Comes Under Renewed Pressure

Chart via TradingView.com

While Ethereum may still lag Bitcoin over the last seven days, the latest move higher sees multi-week resistance now under threat. Horizontal resistance at $3,675 has held the last two attempts but it looks increasingly likely that it will third time lucky for the bulls. The bullish scenario is helped by the recent upturn in all three simple moving averages, with the 20-day sma just about to finish off a bullish set-up, while Ethereum’s price action over the last two weeks has set up a bullish flag pattern, another driver of higher prices. A break and open above $3,675 will set-up $4,028 as the next target, with little resistance seen between these two levels, before $4,379 comes into play.

How to Trade Bullish Flag Patterns

Ethereum (ETH/USD) Daily Price Chart - October 14, 2021

Ethereum (ETH) Primed to Break Higher as Resistance Comes Under Renewed Pressure

What is your view on Ethereum (ETH) – bullish or bearish?

 

By Nick Cawley, Strategist, 14th October 2021. DailyFX

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hey crypto squad! 👋 Check this out - Bitget's stirring up some crazy hype with pre-market trading for $WAT. It's like they're giving us VIP passes to the hottest party in TON town! So, what's the deal with this WatBird thing? Picture this: 80 million+ users already hooked (that's like... a small country!) 25% of players keep coming back for more (addictive much?) Big shots like Animoca and Binance are all in. When the cool kids invest, you know it's gonna be lit! 🔥 This ain't your grandma's play-to-earn game: Wat Racer - imagine Mario Kart, but with birds and crypto. Wild, right? Pimp your ride with WatPoints, race your friends, feel like a boss They're building a whole bird world. Angry Birds who? Here's why I'm pumped: It's gonna be THE spot for all the cool TON projects It's got that memecoin vibe, but with actual stuff to do! The exchange is letting us snag some $WAT before the masses. But hey, don't go selling your kidney or anything. Crypto's a rollercoaster - fun as hell, but keep your hands and feet inside the ride at all times! So, who's ready to add some birds to their portfolio? Drop your wildest $WAT predictions below! Let's get this bird party started.
    • Hey fellow crypto enthusiasts! Just wanted to share my thoughts on the exchange recent performance. Gotta say, I'm pretty impressed. Despite the market being a bit shaky, this platform have been killing it. They pulled in 1.72 million new users last month! That's no small feat. What caught my eye: 1. Apple Pay and Google Pay integration. Super convenient for converting fiat to crypto. I've used it a few times already - smooth as butter. 2. Their trading volumes are insane. $400 million daily in spot markets? $7 billion in futures? That's some serious liquidity. 3. The protection fund sitting at $400 million is reassuring. Always good to know there's a safety net. 4. Copy trading seems to be blowing up. 185,000 pro traders to follow? Sign me up! 5. They got that ISO 27001:2022 cert too. Might sound boring, but it's actually a big deal for security. Oh, and they've got this new legal chief, Hon Ng, working on expanding to new markets. Curious to see where that leads. It feels like the exchange is making smart moves. They're growing fast but still focusing on security and user experience. What do you all think? Anyone else been using Bitget lately?
×
×
  • Create New...
us