Is Ether preparing to extend a months-long bullish trend?
The daily chart says “bet”.
This is what I look at on the daily time frame:
ETH/USD daily chart Planned by TV
As you can see, Ether (ETH/USD) has shown higher highs and higher lows since bottoming out at the $1,080 mark in November.
The pair jumped above the ascending channel pattern in April and reached the $2,140 region before stabilizing back to $1,800 levels.
Are we looking for an opportunity to jump to the upside for ETH/USD?
The pair is consolidating at the psychological handle of $1,800, which lines up with the mid-channel area on the chart.
Not only that, but $1800 is also very close to the 100 SMA on the daily chart as well as the 50% Fibonacci retracement of the March and April rally.
The cherry above this sweet setup is a bullish, lower-level divergence on the daily time frame.
Buying at current levels would make a good entry if you are confident that ETH/USD will soon retest its previous highs above $2,000.
Don’t feel like buying ETH or selling USD these days?
You can also wait for a retest of lower pullback points such as the bottom of the channel near 61.8% Fibonacci lines if you prefer to wait for more attractive levels to sell ETH/USD.
Good luck and good trading this one!
This content is for informational purposes only and does not constitute investment advice. Trading in any financial market involves risks. Please read our Risk Disclosure Statement to ensure you understand the risks involved.