Analysis of the price of ETH (21.09.18)

Cryptocurrency

 

After a downward correction below $ 530, the ETH price tested the $ 520-525 support zone and recovered. A good base was formed around 50% of the Fibonacci retracement level. More importantly, the exchange rate did not fall below $ 520 and the 100-hour simple moving average.

A new upward wave began, and the price rose above the resistance of $ 530. A breakthrough occurred above the 50% Fibonacci retracement level of the last decline from a high of $ 548 to a low of $ 517. At the moment, the price is trading near the main resistance zone and testing levels of $ 545-548. Breaking and closing above them will open the door for greater opportunities above $ 555 in the near future.

The graph shows the coin is traded with a positive bias above $ 530.

Sentry MACD – MACD returned to the bull zone

Sentry RSI – RSI is above level 55

Main support level – $ 518

Main level resistance – $ 548

 

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