Brad Chillum
For some time now, the largest cryptocurrencies by market capitalization were showcasing a linear constant growth in price with no major jump but steady steps on the way to full price reversal since the violent dip in the previous months.
The second in lead – Ethereum (going by the token ETH) is changing hands at $807.64 with 2.20 percent increase in the last 24-hours. The level has not been touched by the pair ETH/USD since the beginning of March 2018 – according to CoinMarketCap.
The previous trend line will act as a resistance for the upcoming trading actions that are taking place, however in the same manner the active supportive trend line is aiming even higher and this time Ethereum might make it against the US Dollar – above the $800.00.
This bullish set up has a pattern target of $1,130, with minor resistances at $900 and at $1,000. On the downside, $745 will act as the first support. If that does not hold, the buyers will hoist at the trendline close to $700 and the 20-day EMA at $645. The trend will turn bearish or range bound only if the ETH/USD pair sustains below $700. In the case of a latter one – dipping below $700.00, no trade is recommended to be bet on.
