ETH/USD market shoots up by 7.5%
- ETH/USD price went up by 7.5% from $126.60 to $136.
- ETH/USD bulls need to breach past resistance at $142 to continue their upward momentum.
ETH/USD bulls had a field day this Tuesday. The price went up by 7.5%, going from $126.60 to $136. This was the first bullish day in the last five sessions as ETH/USD bears have been dominating the market. Buyers breached past the critical $135 resistance and need to break past the $142 level to continue upward momentum.
ETH/USD daily chart
-636874193385421947.png)
The ETH/USD daily chart has had a bullish momentum from the triangle formation. The 20-day simple moving average (SMA 20) curve forms immediate resistance which the bulls will need to overcome to show the market that there is substantial momentum in this upward movement. The SMA 50 curve has crossed over the SMA 100 curve which indicates a buy signal. Bulls will need to breach past the $142 barrier to continue upward momentum.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
