Breaking: Ethereum refreshes record top towards $1,500 inside short-term rising channel


  • ETH/USD takes the bids near fresh all-time high.
  • Two-week-old rising channel, sustained trading beyond 21-day SMA favor bulls.
  • Upbeat RSI conditions, news from China’s GT also back Ethereum buyers.

Ethereum buyers dominate sentiment as ETH/USD rises to the fresh high on record during early Monday. That said, the ETH/USD pair pierces the previous high of $1,440 to mark a new all-time top of $1,475.89.

While the broad optimism concerning the cryptocurrencies, taking clues from Bitcoin, seems to have favored the ETH/USD bulls, latest news from China also backed the upside momentum. China’s Global Times (GT) quoted an anonymous industry player while saying, “The pilot testing is only the first step of a 'long march.' Once launched, the digital yuan will reshape China's financial industry and unleash a promising digital finance service sector worth billions of yuan." 

It should be noted that the quote’s sustained trading above 21-day SMA and strong RSI conditions, coupled with a switch of the bearish MACD towards the green zone, also amplify the ETH/USD upside strength.

However, resistance line of an upward sloping channel formation, established since January 10, currently near $1,500, will challenge the buyers.

Alternatively, a downside break of 21-day SMA, at $1,230 now, will attack the stated channel’s support near $1,070 to recall the ETH/USD sellers.

In a case where the ETH/USD bears manage to sneak in around $1,070, the $1,000 round-figure will add filters to the downside.

ETH/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 1457.43
Today Daily Change 63.43
Today Daily Change % 4.55%
Today daily open 1394
 
Trends
Daily SMA20 1220.11
Daily SMA50 885.31
Daily SMA100 677.27
Daily SMA200 516
 
Levels
Previous Daily High 1401.92
Previous Daily Low 1221.66
Previous Weekly High 1440
Previous Weekly Low 1040.21
Previous Monthly High 759
Previous Monthly Low 530.32
Daily Fibonacci 38.2% 1333.06
Daily Fibonacci 61.8% 1290.52
Daily Pivot Point S1 1276.47
Daily Pivot Point S2 1158.93
Daily Pivot Point S3 1096.21
Daily Pivot Point R1 1456.73
Daily Pivot Point R2 1519.45
Daily Pivot Point R3 1636.99

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of 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, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

VET ready for a rebound after bloody correction

VeChain price witnessed a brutal 45% sell-off that kicked off on February 12. Although VET crashed as low as $0.033, market participants are aggressively buying the dips.

More VeChain news

EDLG eyes lower lows as bearish pressure mounts

Elrond price broke down from a descending triangle as it sliced through the $126 support barrier. If sellers continue to pile up, then the reversal pattern forecasts a downswing to $74. Declining developer activity adds credence to EGLD’s bearish outlook.

More Elrond News

ALGO plummets enormously despite newly launched public chain

The cryptocurrency market is in bloodshed on Tuesday during the European session. Algorand has not been spared from the battering, which has led to massive losses. 

More Algorand News

LTC breakdown is just getting started, targets $150

Litecoin recently abandoned the journey to all-time highs following a barrier slightly under $250. The correction has proved difficult to stop, with Litecoin losing various tentative support levels like $220 and $200. 

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP