Ethereum price continued on rising today to score a day high of $830 earlier today. The price of ether has been recording higher day highs for four successive days now. Moreover, the closing day price has been rising since last Wednesday. The bulls’ control over the market is growing stronger as the price of ether is heading steadily towards a significant resistance level near $850. The rise in ethereum price is mirroring bitcoin’s soaring price which is approaching the $10,000 price mark.
Can we see the resistance around $849.08 breached before the end of the current week?
We will examine the 1 day ETHUSD chart from Bitfinex, while plotting the Ichimoku Cloud, the MACD indicator, and the Williams Alligator indicator, as shown on the below chart. We will maintain the Fibonacci retracements we plotted during an earlier analysis
, which extend between the low recorded on October 23rd, 2017 ($273.50), and the high recorded on January 13th, 2018 ($1,424.06). We can note the following:
Let’s take a look at the 4 hour ETHUSD chart from Bitfinex, while plotting the 50 period, 100 period, and 200 period SMAs, as shown on the below chart. We can note the following:
Ethereum price is still rising, successfully recording a day high of $830 on Saturday. As per our technical analysis, the price of ether will most probably continue on rising towards $850, before a strong downwards price correction attempt becomes evident.
Charts from Bitfinex, hosted on Tradingview.com
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