Technical Analysis: Ethereum In Bullish Upward Channel

While the S&P 500 lost over 15 percent, the cryptocurrency market is still on the rise. Let's take a closer look at Ethereum.

Ethereum is currently in a bullish upward channel and peaked at the golden ratio which is located at the resistance between $267 and $291. So far, Ethereum bounced off the support zone between two 0.382 fib levels, between $211 and $223. Furthermore, the 50-day-EMA seems to hold as successfully as support so far. If Ethereum goes for another rally towards the upside, it finds its next resistance at $237 and $245.

If Ethereum bearishly breaks its current support, it finds major support at $±180, where the golden ratio is located at. Ethereum needs to hold this level to maintain bullish in the mid-term. If Ethereum falls below this level, Ethereum is bearish in the mid-term.

Ethereum might find minor support at the psychological level of $200 before reaching down to $180.

The bullish target, however, remains at $267 - $291 and $361.

While bitcoin mining is harmful to the environment and ethereum's main use-case was initial coin offerings, some of the blockchain-based platforms like EMJAC will integrate the Ethereum blockchain ecosystem to improve the transparency and traceability of global waste tires management and make sure there’s a reduction of illegal dumping. Also, it will ensure the accountability of logistics and production and preserve the environment. In addition, it ensures the trapped carbon and energy in the waste tires are fully retrieved and recycled.

Last but not least, the EMJAC market place will also allow direct trading for both P2
P and B2
B for the collection, procurement, and shipping of waste tires and also production, sales, and shipping of the recycled tires.