- Ethereum draws nigh to the 2019 high at $361 as bulls flock the market.
- ETH/USD eyes resistance at $375 and $400 to confirm its bullish case for 2020.
Ethereum bullish case to $400 began the moment it cleared the hurdle at the high traded in February at $284. The move encouraged more buyers to join the market. Moreover, with Bitcoin price rocketing to the skies, Ethereum had no option but to rally due to its increasing correlation with the largest digital asset.
Indeed, it has been a journey of breaking barriers to the extent of closing in on 2019’s highs around $361. ETH/USD spike on the day, has traded a new 2020 high of $358.52. Meanwhile, the prevailing bullish trend suggests that it is only a matter of time before Ethereum breaks its one-year high as it sets for higher levels beyond $400.
Technically, the impact following the recent symmetrical triangle breakout is still contributing to the rally. The breakout has been supported by high trading volume. Besides, technical levels have remained bullish for over two weeks now.
For instance, the Elliot Wave Oscillator is at the helm of the bullish session. The RSI is holding well within the overbought region. For now, bulls are in control and if the technical picture remains intact, gains above $375 are within reach even this weekend session.
On the flip side, it is vital to realize that bullish markets are prone to retracements which also offer great opportunities for rebounds. In other words traders should carefully watch the market for confirmed reversals using the RSI and the MACD coupled with increased volume.
ETH/USD daily chart
 (75)-637318601342728463.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?