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!
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