Ethereum Holds the Uptrend
Next week could bring some big Ethereum news with fee burning expected to go live on Wednesday. Price action is also holding tight uptrends on the hourly and daily charts.
First, notice the rising 50- and 100-hour simple moving averages (SMAs). ETHUSD has bounced at one or the other at various times since its rebound started on July 21.
Next, prices on the daily chart have made successively higher lows and managed to hold above the 50-day SMA. This is very different from July 7, when ETHUSD failed at the same SMA:
Next, the current set of higher lows is creating a bullish ascending triangle, with resistance around the same $2,440 zone where prices failed 3-1/2 weeks ago. This area is also potentially important because it offered support in mid-May and became a breakdown area in mid-June (prices have yet to close above it).
The combination of upcoming news, the tight ascending triangle and bullish hourly patterns could make Ethereum a key product to watch over the weekend and into next week.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
First, notice the rising 50- and 100-hour simple moving averages (SMAs). ETHUSD has bounced at one or the other at various times since its rebound started on July 21.
Next, prices on the daily chart have made successively higher lows and managed to hold above the 50-day SMA. This is very different from July 7, when ETHUSD failed at the same SMA:
Next, the current set of higher lows is creating a bullish ascending triangle, with resistance around the same $2,440 zone where prices failed 3-1/2 weeks ago. This area is also potentially important because it offered support in mid-May and became a breakdown area in mid-June (prices have yet to close above it).
The combination of upcoming news, the tight ascending triangle and bullish hourly patterns could make Ethereum a key product to watch over the weekend and into next week.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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