ETH/USD managed to break through a key barrier and extended gains the gains to brushing shoulders with $174.00.
Expect Ethereum to stay above the buyers’ congestion zone between $166.00 and $168.00.
Ethereum is the bulls among a sloth of bears. In a market that been retracing, ETH/USD managed to break through a key barrier and extended gains not only past $170 but also stepped above $174. The gains come after the bullish zone between $166.00 and $168.00 stood its ground during the weekend trading sessions.
ETH/USD 15′ chart
Chart source: Tradingview
Last week we saw Ethereum spring up in an engulfing candle that sent it close to $180 instead of forming a high at $179.02 before the bears stepped on the reverse gear. ETH/USD fell into a downtrend below the trendline. There were drops and climbs around the 200 Exponential Moving Average (EMA) on Saturday and Sunday. However, the breakout on Monday has no signs of stepping below $170 in the coming sessions. Besides, the 200EMA will function as support above $170.
The reversal that has left as the only upright standing crypto among the top digital assets. It stands out in the green on the intraday charts where most cryptos are navigating a sea of red waters.
14-day RSI outlook
The Relative Strength Index in the 15-minute timeframe is trending sideways slightly below the overbought. A trendline connecting the previous lows since yesterday shows a steadily rising trend. As long as the indicator signal stays above this trendline we can expect Ethereum to stay above the buyers’ congestion zone between $166.00 and $168.00 while any correction into the overbought could see ETH/USD zooming above $180 (supply zone).
Also Read: Cryptocurrency Moving Wealth to Dark Havens, Must be Shut Down: Joseph Stiglitz
On the other hand, the moving average convergence divergence (MACD) uptrend has slowed down but the signal line is horizontal inside the positive region at +1.0057. The higher level confirms that the bulls are in charge and likely to continue influencing the price in the near-term.
Ethereum Key Technical Indicators
EMA200 15’: $170.7578.
Key Support Zone: $166 – $168.
Initial resistance: $174.00.
Key supply zone: $178 – $180.
RSI 15’: 61.86.
MACD 15’: 1.0057.
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