Ethereum price continued rising throughout Friday’s trading sessions to score a high of $618. After the day’s high was recorded, a downwards price correction attempt pulled Ethereum price down to a day low $576. The market is still moving along the upwards trend line that has been evident since April 10th on the 4 hour ETHUSD chart. Since the 76.4% Fibonacci retracement ($545.17) has been successfully breached, the next strong resistance level lies around $713.24, which corresponds to the 61.8% Fibonacci retracement.
Will the market’s bulls still have the upper hand over the market during the next 24 hours?
Let’s examine the 1 day ETHUSD chart from Bitfinex, while plotting the Williams Alligator’s SMAs, and the MACD indicator, as shown on the below chart. We will also keep the Fibonacci retracements we plotted earlier this week that span from 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:
Now, let’s examine the 1 hour ETHUSD chart from Bitfinex. We will plot the Ichimoku Cloud, the 200 period SMA, and the Commodity Channel Index (CCI) oscillator, as shown on the below chart.We can note the following:
Ethereum price is rising recording a day high of $618 during Friday’s trading sessions. As per our technical analysis, the bullish wave is most likely to continue pushing Ethereum price to higher levels to attempt testing the resistance around $713.24 during the next 24-72 hours.
Charts from Bitfinex, hosted on Tradingview.com
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