ETH/USD – Ether is breaking the 50-day moving average
Main levels of support: $3300, $3150, $3000.
Key resistance levels: $3600, $3,790, $4000
Etheruem found support at $2,770 (.786 Fibonacci, 100-day moving average) on Wednesday and it has been increasing since then. On Thursday, ETH managed to break the descending trend line as it crossed the 20-day moving average to reach the 50-day moving average.
Over the weekend, ETH continued above the 50-day moving average as it broke the $3,350 resistance and reached $3,485. It has since flipped and is now using the 50 day moving average as support.
Predict short-term prices of ETH-USD
Looking ahead, the first resistance is at $3,485. It follows $3,600, $3,790 (downside .786 Fibonacci retracement), and $4,000.
On the flip side, first support lies at the 50-day moving average, around $3,300. It follows that $3,150 (20-day moving average), $3,000 and $2,890.
The RSI has returned to its midline after climbing from below, indicating that the previous bearish momentum has left the market.
ETH/BTC – The market failed at 0.072 BTC.
Main levels of support: 0.0691 bitcoin, 0.068 bitcoin, 0.067 bitcoin.
Key resistance levels: 0.07 bitcoin, 0.0711 bitcoin, 0.072 bitcoin.
Against BTC, the cryptocurrency is currently struggling to break the resistance at 0.0711 BTC. The coin found support around 0.068 BTC last week and started rallying over the weekend to break the 50-day moving average and reach 0.072 BTC.
Unfortunately, ETH failed to close a daily candle above 0.0711 BTC and ended up rolling out from there yesterday to fall back below 0.07 BTC today and reach 0.0691 BTC.
Predict the short term price of ETH-BTC
From now on, the first support is at 0.0691 BTC. This is followed by 0.068 BTC, 0.067 BTC (100 day MA), and 0.0659 BTC (.618 Fib).
On the flip side, the first resistance is at 0.07 BTC. This is followed by 0.0711 BTC, 0.072 BTC, and 0.0733 BTC.
The daily RSI is still below its mid-line, indicating a weak bearish momentum in the market.
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Cryptocurrency charts by TradingView.