Tanya Abrosimova
Independent Analyst
- Ethereum escapes the range to trade above critical resistance area.
- Ether Capital plans to buy more Ether.
Ethereum cleared $535 barrier on Thursday to trade marginally above critical resistance of $570, which coincides with 61.8% Fibo retracement. ETH/USD rode the bullish wave together with other altcoins, gaining over 14% during the last three days.
Meanwhile, Canadian NEO exchange in Toronto listed stock for cryptocurrency investment company Ether Capital, formerly known as Ethereum Capital. The fund plans to invest raised funds into cryptocurrency and Ethereum-related startups.
The company has already raised $45M of Canadian dollars, most of which will be converted in ETH, Ether Capital Co-CIO Ben Roberts told CoinDesk. It means that ETH may good another good boost once the fund starts converting fiat into Ether.
Ethereum technical picture
On the daily chart, ETH/USD has moved above 50-EMA and touched the intraday high at $586. The coin needs to stay above $570 to keep buyers engaged and motivated. The next resistance is seen at psychological $600, strengthened by (200-EMA, daily chart).
On the hourly chart, ETH/USD broke free from a tight range to trade above pivotal 61.8% Fibo at $570. Now the support area comes at $545-$535, it encompasses 50-EMA (hourly chart) and the upper line of former range. Break below will extend the sell-off towards $500.
ETH/USD, the daily chart
ETH/USD, the hourly chart
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