Massive Ethereum Uptrend Drives The Price as Hight as $12,50

cloudmining (35)in #ethereum • 8 years ago

Massive Ethereum Uptrend Drives The Price as Hight as $12,50

Ethereum price ETH after a minor downside move found buyers near $11.00 versus the US Dollar and started to move higher. There was a nice upside move, as the price broke a couple of important hurdles.

First, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared. Second, the 50% Fib retracement level of the last drop from the $11.28 high to $10.52 low was broken.

Lastly, the price also moved above the 100 hourly simple moving average. So, we can say that the recent break is encouraging and now the ETH bulls need to keep the pace for more gains.

There is now a now a bullish trend line formed on the same chart. It is acting as a buying zone and providing support. As long as the price is above it, there are chances of more upsides in the short term.

Hourly MACD – The MACD is strongly placed in the bullish zone, which is a positive sign.

Hourly RSI – The RSI is also above the 50 level, and calling for more gains.

Major Support Level – $11.00

Ethereum Classic keeps falling.

Ethereum Classic keeps falling. It seems that the earlier sharp growth was of a purely speculative nature. ETC is headed towards its original value. Does that mean that it’s over?

Will there be a new growth?

At the moment, the amount of sell orders significantly outweighs that of buy orders. There’s no justification to even consider buying, currently. A more likely growth could be expected after the ETC price reacts to the level of $2-$2.20. That mark has accumulated a large volume of sell orders. That’s why if the price holds at that level, it will mean that there is support for future growth. There is a good chance that that growth (if it happens) will stop the large volume of sell orders, which has accumulated at $2.8-$3.1. If there is not enough support, the price will return to its current value.