The queen of cryptocurrency Ethereum is getting out of the head and shoulder pattern it had been until yesterday as Ethereum price is carrying forward yesterday’s build-up to find a better position on the chart.
Ethereum price took the build-up after the Bitcoin flash crash and tried to break past to the $270 range in the past 24-hours, however, not to much avail.
Ethereum price stood above the $264 mark for the better part of the past 24-hours but unable to find any real support at the same level. On the other hand, the $260 range increased to the $262 support at the end of the day despite the fact that the day closed (GMT Time) near $265.
Ethereum price movement: What to expect?
Cryptocurrency analyst on Trading View Alex Clay explains that despite being the queen of cryptocurrency is moving in the right direction, i.e., upwards.
Clay also finds the support to be at the $260 mark; however, the first resistance target is placed at the $264 mark. Further above the second resistance target is found to be at $273 while the third target is at $285. This is the major movement Ethereum is expected to carry out in the coming week.
Moreover, another analyst, David Smith, believes that the cryptocurrency is headed towards a new high in the coming week. Smith believes that the queen would surpass the $271.85 mark, followed by the $278.70 mark, and eventually hit the big resistance mark at $285.
The only cautious advice so far came a few hours after the first two major analyses. Analyst Alan Master reveals that Ethereum is still showing bearish signals despite gradually gaining the momentum.
Alan notices a possible bearish divergence with the MACD and a bearish cross. On the other hand, he furthers that the relative strength index (RSI) is trending lower than it should be to ensure a good high. However, waiting out the weekend for 1-week investments is advised to ensure better trading decisions.
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Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.