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Ethereum: Is this a Reversal?

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

 Positive:

  • 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. 

Negative

  • 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. 

Nouvive: Home of Crypto Beginners, Traders & Investors. Nouvive provides Cryptocurrency trading news, Analysis and indicators for beginners, traders and investors.

Information on these pages contain speculative statements that involves risks and uncertainties. Crypto-Assets profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell. Nouvive does not in any way guarantee that this information is free from mistakes, errors or material misstatements. It does also not guarantee that this information is of a timely nature. Crypto-Assets involve risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing or trading are your responsibility alone. For more information, please view the Risk Warning Below.

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