Ethereum price soared during Wednesday’s trading sessions to record a day high of $527.05. The bullish wave continued controlling Ethereum’s market during Thursday’s trading sessions to breach the resistance around $545.17 (76.4% Fibonacci retracement) as we predicted during yesterday’s analysis. Ethereum price continued rising along the new uptrend line, which has been evident since April 10th, reaching $559 at the time of writing of this analysis.
Will ethereum price continue rising during the next 24 hours?
Let’s examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 20 period, 50 period, and 100 period SMAs, as shown on the below chart. We will also keep the Fibonacci retracements we plotted during yesterday’s analysis. The orange transverse line represents the 76.4% Fibonacci retracement which corresponds to the $545.17 price level. We can note the following:
Now, let’s examine the 1 day ETHUSD chart while plotting the RSI oscillator, and the Ichimoku Cloud indicator, while keeping our Fibonacci retracements from yesterday’s analysis. We can note the following:
Ethereum price has broken through a crucial resistance level around $545.17 during Thursday’s early trading sessions. As per our technical analysis, ethereum price will most probably continue rising as it won’t face significant resistance except near $620.
Charts from Bitfinex, hosted on Tradingview.com
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