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Ethereum technical analysis: Great technical breakout on decent volume

  • ETH/USD broke out the channel formation on the hourly chart.
  • Ethereum is now trading 4.50% higher as general crypto sentiment turns positive.
Ethereum technical analysis: Great technical breakout on decent volume
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

Ethereum has broken out of the channel formation on the hourly chart. The move was backed by good volume on the Coinbase exchange.

Now the 180.00 level is the resistance to beat but it has proved to be a difficult level in the past.

Right now price is resting at the value area. This is indicated by the bell curve on the left-hand side of the chart.

The relative strength indicator (RSI) has pushed to the highest level since the beginning of last month.

If we do get a retracement the market might look at the trendline it has just broken out of.

Ethereum Analysis

ETH/USD

Overview
Today last price178.03
Today Daily Change7.66
Today Daily Change %4.50
Today daily open170.37
 
Trends
Daily SMA20188.35
Daily SMA50 184.84
Daily SMA100213.5
Daily SMA200209.69
 
Levels
Previous Daily High177.2
Previous Daily Low168.1
Previous Weekly High186.07
Previous Weekly Low164.46
Previous Monthly High224.69
Previous Monthly Low152.51
Daily Fibonacci 38.2%171.58
Daily Fibonacci 61.8%173.73
Daily Pivot Point S1166.58
Daily Pivot Point S2162.78
Daily Pivot Point S3157.47
Daily Pivot Point R1175.68
Daily Pivot Point R2181
Daily Pivot Point R3184.79

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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