Ethereum price continued rising along the uptrend line that has been evident since the second week of April, to score a day high of $770 during Thursday’s trading sessions so far. The market’s bulls managed to break through the resistance around $713.24 on Wednesday, as we expected during our previous Ethereum price analysis. Chances are high that we can see the price of ether continue rising, especially that the next significant resistance lies around $849.08, as we will see later during our analysis.
However, can we expect a downwards price correction attempt to occur, before the market’s bulls can push the price of ether to higher levels?
Let’s examine the 4 hour ETHUSD chart from Bitfinex, while plotting the 50 period SMA (green curve), the 200 period SMA (red curve), and the MACD 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:
Now, let’s examine the 1 day ETHUSD chart from Bitfinex, while plotting the Ichimoku Cloud, the MACD indicator, and the Williams Alligator’s SMAs, as shown on the below chart. We will also keep the Fib. retracements we plotted above. We can note the following:
As per analysis of the 4 hour and 1 day ETHUSD chart, the most logic scenario is to see a downwards price correction attempt becomes temporarily active for a few hours, before we can see ethereum price head towards $849.08 during the next few days.
Charts from Bitfinex, hosted on Tradingview.com
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