Ethereum Bullish Breakout Pattern Indicates Fresh Rally Towards $450
Ethereum traded to a new monthly high at $422 before correcting lower against the US Dollar. ETH price is trading well above the 100 SMA (H4) and it is likely to resume its upside above $422.
This past week, Ethereum started a strong increase above the $365 resistance after bitcoin’s rally against the US Dollar. ETH price broke the $380 and $400 resistance levels to move into a bullish zone.
The upward move was such that the price even spiked above the $420 resistance and settled well above the 100 simple moving average (4-hours). A new monthly high was formed near $422 before ether price started a downside correction.
There was a break below the $410 support, but the price remained well bid above the $400 support. A low is formed near $402 and the price is currently rising. It broke the 50% Fib retracement level of the recent decline from the $422 high to $402 low.
Source: ETHUSD on TradingView.com
Moreover, there was a break above a contracting triangle with resistance near $412 on the 4-hours chart of ETH/USD. The pair is now trading nicely above the $415 level, plus the 61.8% Fib retracement level of the recent decline from the $422 high to $402 low.
The current price action is positive and it seems like ether is aiming a fresh high above the $420 and $422 resistance levels. The next key resistance is near the $435 level, above which it could rally towards the $450 resistance zone.
If Ethereum fails to clear the $420 and $422 resistance levels, it might start a fresh downside correction. An initial support on the downside is near the $410 level.
The main support is forming near the $400 level. Any further losses could lead the price towards the $380 support level and the 100 simple moving average (4-hours).
4 hours MACD – The MACD for ETH/USD is about to move back into the bullish zone.
4 hours RSI – The RSI for ETH/USD is still well above the 60 level.
Major Support Level – $400
Major Resistance Level – $422
Author: News Bureau
Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish
Home / Bitcoin / Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish
Ethereum has undergone a strong rally over the past few days amid a Bitcoin push higher. In the past seven days, ETH has gained around 10%, pushing from the $370 region to $410 as of this article’s writing. ETH is expected to push higher as there are fundamental and on-chain trends that favor bull trends.
Ethereum is expected to move higher in the days and weeks ahead as on-chain trends remain bullish. Santiment, a blockchain analytics firm, recently shared the chart seen below, showing that the number of active ETH addresses has increased while miners aren’t selling:
“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”
Chart of ETH's price action over the past few months with an overlay of miner balances. Chart from Santiment
The technicals for the leading cryptocurrency are also in a positive state. One crypto-asset swing and day trader recently shared that with the push above $395, a move towards $490 is becoming increasingly likely:
“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”
Others echoed this sentiment.
Ethereum crossing above the pivotal resistance levels in the $390-400 range is pivotal for the bull case. ETH holding above that region should result in further gains in the weeks ahead.
Chainlink has seen one of the strongest rebounds from its recent lows across the aggregated …
Kevin Hart Jokes Bitcoin and Ethereum Are “Voodoo Money”
Prominent comedian and actor Kevin Hart just discussed Bitcoin, Ethereum, and other crypto assets during a livestream for MDA USA. MDA is an organization that aims to help those affected by muscular dystrophy, ALS, and other diseases related to neuronuscular mehavior. Hart is honored to host this event:
“To have the opportunity to revive it, change it and still, of course, fulfill the cause at hand as well as bring some awareness to other things that are going on, I just felt it was a great moment,” he said to CNN on the matter.
As first noted by the crypto charity/non-profit organization The Giving Block, comedian Kevin Hart just briefly mentioned Bitcoin in the MDA Kids Telethon.
When he was asked by one of his celebity friends, Jay Ellis, if MDA accepts “Bitcoin, Ethereum, or any of those cryptocurrencies,” Hart responded with confusion. He joked these cryptocurrencies are “voodoo money”:
“We don’t take the voodoo. So if you’re out here trying to give us the voodoo money, we don’t, what? We do take the voodoo. Oh wait, this is actually take cryptocurrencies — I’m told it’s a legit investment worth almost $250 billion. Okay yeah, we do take it. Ok, we take it.”
🚨BREAKING🚨 – @KevinHart4real just shouted out #Bitcoin, #Ethereum and other #Crypto LIVE while hosting the @MDAorg telethon.
He called it “voodoo money” at first before announcing they accept it 😂🤣https://t.co/2OkgpCjKq5
— The Giving Block (@TheGivingBlock) October 25, 2020
This comes shortly after Kanye West, the world-famous artist and designer, discussed Bitcoin with Joe Rorgan. He said yesterday in a recent episode of the podcast:
“A lot of the tech guys can use these new highways, these new information highways, to create the next frontier of humanity.”
West has talked about Bitcoin in the past.
Ethereum Price Prediction: ETH/USD May Consolidates Between $400 and $420
ETH Price Prediction – October 24
The daily chart reveals that ETH/USD is keeping its upward movement, while the sellers are frustrating the movement.
Resistance levels: $450, $460, $470
Support levels: $375, $365, $355
ETH/USD has been remarkably slow in its movement since October 22 when the coin touched the monthly high of $421. The lethargic movement follows a lower correction from highs around $417 and the failure to break above this level must have discouraged the bulls while giving Ethereum bears a gap to explore.
At the time of writing, ETH/USD is trading above the 9-day and 21-day moving averages with just a 1.06% gain at its current price of $413.87. This is around the price at which it has been consolidating following its recent rejection at $420 a couple of days ago. Meanwhile, a firm break above this level could spark buying pressure that may help to push its price up to a new high.
Moreover, for a backward movement, the market may be supported at levels of $400 and $390 and if the price falls below these levels, other supports are below the moving averages at $375, $365, and $355. But should in case the price exceeds the indicated level of $413, then, the resistance levels of $450, $460, and $470 may be visited. The technical indicator RSI (14) is moving around 65-level, suggesting a sideways movement.
Against Bitcoin, the market price is seen falling below the 9-day and 21-day moving averages and the technical indicator RSI (14) also confirms the bearish movement as the signal line moves below the 45-level.
Moreover, the market price may continue to decline if the coin remains below the moving averages and this may bring the price down to the support levels of 0.029 BTC, 0.028 BTC, and 0.027 BTC. Therefore, if ETH/BTC bulls can gather more effort and push the price above the moving averages; this could lead the coin to the resistance levels of 0.034 BTC, 0.035 BTC, and 0.036 BTC respectively.
Author: FOLLOW ON