- The rest of the coins in the top ten bracket are in the green with gains between 0.5% - 4%.
- ETH/USD has zoomed above $135 and is extending the gains towards $136.
Most of our earlier coverage on Tuesday dwelt around the bearish trend that had been prevailing since yesterday. However, the situation has changed and cryptocurrencies including Ethereum (ETH) are correcting higher. Although Bitcoin is still dancing below $3,900, it has added 0.52% to its value. Ripple’s XRP has resumed the uptrend from the lows around $0.3075 to the current value at $0.3126. The rest of the coins in the top ten bracket are in the green with gains between 0.5% - 4%.
According to the 1-hour chart, ETH/USD has broken above the trendline resistance at $132.67. Prior to the bullish correction, Ethereum was exploring levels close to $130. The bullish wave sending sparks across the crypto market has resulted in a trend reversal.
At press time, ETH/USD has zoomed above $135 and is extending the gains towards $136. A break above the 100 SMA 1-hour could open the gate for a further correction towards the now psychological $140. However, before that, the buyers must clear the former resistance at $137.
The downside shows Ethereum will find support at the 50 SMA 1-hour currently at $134.35, at $134 and at $130; Tuesday low. As far as prediction is concerned, I expect Ethereum to stay above $135 in the coming sessions. Moreover, if Technical indicators’ signals from the RSI and the MACD remain as positive as they are, then we could see a continued momentum towards $140.
ETH/USD 1-hour chart
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