ETH/USD technical analysis: Ethereum outperforms after rejecting lower prices again
- Ethereum trades 6% higher today as Bitcoin struggles to reach breakeven.
- The price is headed to the next resistance zone of 230.28.
Ethereum is on an 8-day winning streak if it closes in the green today. Yesterday the shooting star pattern formed yesterday failed to materialize after lower prices were rejected earlier on.
Price is now headed to the current mean value area for this distribution and there is the potential that there could be a rejection.
The good point is that the volume is still high and the bulls could carry the price past the next resistance.
On the hourly chart, you can really see the power and relentlessness of the move higher.
The price action today really shows how Ethereum bulls pushed ETH/USD again from the 200.00 psychological level after testing lower.
The only problem is that fact that we could need some kind of mean reversion as bulls take profit from extended gains.
The volume on the chart remains high which is a good sign for the Ethereum bulls.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
