Is Ether getting ready to extend a months-long uptrend?
The daily chart is saying “Bet.”
Here’s what I’m looking at on the daily time frame:
ETH/USD Daily Chart Chart by TV
As you can see, Ether (ETH/USD) has been showing higher highs and higher lows since hitting bottom at the $1,080 mark back in November.
The pair even jumped above its ascending channel pattern in April and reached the $2,140 area before settling back down to its $1,800 levels.
Are we looking at a chance to jump in ETH/USD’s uptrend?
The pair is consolidating at the $1,800 psychological handle, which lines up with the mid-channel zone on the chart.
Not only that, but $1,800 is also pretty close to the daily chart’s 100 SMA as well as the 50% Fibonacci retracement of March and April’s upswing.
The cherry on top of this sweet setup is a lowkey bullish divergence on the daily time frame.
Buying at current levels would make for a good entry if you’re confident that ETH/USD will soon retest its previous highs above $2,000.
Not feeling like buying ETH or selling USD these days?
You can also wait for retest of lower pullback points like the bottom of the channel near the 61.8% Fib lines if you’d rather wait for more attractive levels to short ETH/USD.
Good luck and good trading this one!
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.
Comments are closed.