Here Are the Key Levels to Monitor for Ethereum [ETH] After a Bullish Week
Ethereum has been outperforming other major cryptocurrencies as of recent. Today, Litecoin is stealing the show outperforming while others fail to follow suit.
However, all-in-all, it has been a bullish week for Ether.
Ether managed to surge out of the $128 to $140 zone.
This was an important area during mid-November’s bearish drop where buyer liquidity came into play before the bearish drop continued.
Ethereum now trades between two key levels, and it is anyone’s guess where it goes to from here.
Above the current price is resistance at $170. This was a previous support area until price broke below it in mid-November.
Below the current price is $140 which is anticipated to now be support after the price broke through it during the week.
If the price drops towards $140, buyers will likely be taking long positions anticipating support.
The shorter term 4-hour chart shows the majority of recent price action trading taking place between $150 and $160.
A bearish divergence is forming on the 4-hour. The price is forming higher highs while the RSI is forming lower highs.
A bearish divergence is a typical trend reversal pattern and occurs when the price goes on to form higher highs despite the RSI forming lower highs.
This shows price continuing to increase despite buying pressure falling off.
- Bullish week overall for Ether as it exits the $128 to $140 area.
- Key levels to monitor currently are $170 to the upside and $140 to the downside.
- Bearish divergence forming on the four-hour chart for Ethereum.
Latest Ethereum News:
- Tesla and Other NASDAQ Stocks to be Tokenized on Ethereum Are Set to Boost Crypto Exposure in 2019
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Here Are the Key Levels to Monitor for Ethereum [ETH] After a Bullish Week was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.