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10/07/2019 16:10:57 GMT

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.

Rajan Dhall, MSTA FX 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 price	178.03
Today Daily Change	7.66
Today Daily Change %	4.50
Today daily open	170.37

Trends
Daily SMA20	188.35
Daily SMA50	184.84
Daily SMA100	213.5
Daily SMA200	209.69

Levels
Previous Daily High	177.2
Previous Daily Low	168.1
Previous Weekly High	186.07
Previous Weekly Low	164.46
Previous Monthly High	224.69
Previous Monthly Low	152.51
Daily Fibonacci 38.2%	171.58
Daily Fibonacci 61.8%	173.73
Daily Pivot Point S1	166.58
Daily Pivot Point S2	162.78
Daily Pivot Point S3	157.47
Daily Pivot Point R1	175.68
Daily Pivot Point R2	181
Daily Pivot Point R3	184.79

Author

Rajan Dhall, MSTA

Rajan Dhall, MSTA

FX Daily

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

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