Ethereum, failed to bounce on the GUSD good news, but seemingly the rejection of the support has seen it soar by close to 6%
Ethereum on the higher time frames is illustrating that there is a reversal occurring. Looking at the Higher time frame of 3 Days, we can see that it has surpassed the 15 Moving Average – A look over the past 15 Days.
This area for the past 12 days has acted as a resistance, thereby showing that there is a bullish sentiment renewed in the market. A close over $190 over the next 3 days, illustrates a revival.
On the lower time frames of 6 hours to 1 Day, it can be seen that Ethereum has surpassed the previous resistance of 55 Moving Average. A close over $186 today would illustrate a definite revival for the rest of the week.
Moreover, a continued increase to $194-196 would see the Moving averages crossing over that could ultimately take Ethereum to the 200 Day moving average.
Nouvive has compiled both Bearish and Bullish
- Double bottom on the $168 area.
- A lot of buys on the way down, especially just above $170 – acting as a strong support area.
- Increased buy side pressure, through the volume.
- Decreasing volume, increasing buy side pressure illustrates that the next several moves will be bullish ultimately.
- High probability chance of a MA crossover illustrating a large move upwards, potentially to the $210 area.
- We still have to wait for the 1 and 3 Day closes especially above $186 and $190 respectively to issue a reversal.
- RSI Stochastic crossed over and Ethereum heavily overbrought on the lower time frames – but not on the higher time frames.
Nouvive recommends a long from $185-187, taking profit at $210. The first stop loss at $183, with stops increasing in Profit.
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