Ethereum price analysis: Support, breakout on the short term, resistance on the long term
- ETH/USD bounces off the support, gives breakout.
- Resistances stare on the short, long term charts.
Ethereum, the second largest cryptocurrency has given a small breakout on the short term chart after the prices respected support on the short term charts, even as it may not result in prices rallying too hard for now as there are resistance enough on its way up.
ETH/USD is higher by more than 2 percent on day at $459.51, near high of the day after bouncing off the low. On the short term charts, the prices took support from an ascending trendline on the 480-minute chart, while that helped prices breaking out of a descending trendline on the hourly chart.
While the breakout boosts morale of the bulls, there is imminent resistance on the 480-minute chart in the form of a descending trendline, just around the current market price, which is at $461. Sustained crossover of this resistance will take prices all the way towards $500.
ETH/USD 480-minute chart:
ETH/USD 60-minute chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
