Ether (ETH) has been trading in a tight range of $1,262 and $1,360 for the past three days. This indicates indecisiveness between bulls and bears. The level of $1360 is very crucial to watch out for because a breakout above it will indicate that bears are losing their grip and the asset may climb to the 20-day EMA, which is $1,430. Ether, Bitcoin and other Altcoins appear to be ignoring the headline as the US Dollar Index surges to a 20-year high while the British Pound falls to an all-time low against the DXY. ETH is up by around 7% while the global volume has risen around 33% in the last 24 hours.
At the time of writing, ETH was trading at $1,383.5.
ETH after making an ‘Evening Star’ pattern at the resistance of $1,750 on 11th September started to trade in a downtrend. The prices corrected almost by 30% and made the weekly low of $1,220. The asset broke the key support of $1,275 but it failed to sustain below the support. Post this move, ETH started to consolidate around the key support of $1,275 (Upsloping Trendline & Horizontal Trendline) and today we can see some upward momentum. If the asset breaks and closes above $1,500 then we can expect it to further rally up to $1,750 and $2,000 levels.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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