Ethereum (CRYPTO: ETH) is trading higher Thursday. Ethereum recently bounced at support twice and now looks to be heading higher toward resistance.
Ethereum was up 0.5% to $2,311.86 at last check.
Ethereum Daily Chart Analysis
- Ethereum just bounced twice at support and saw a move up. The crypto trades in what technical traders call an ascending triangle pattern.
- The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment has been bullish.
- Each of these moving averages may hold as an area of support.
- The $3,000 level is an area that previously held as resistance. The higher low trendline is holding as support and has been building up to the resistance level.
- The Relative Strength Index (RSI) has been moving up and now sits at 61. If the RSI keeps climbing with price, it may eventually see a breakout above resistance.
What’s Next For Ethereum?
Bullish traders are looking to see Ethereum continue to hold above the higher low trendline and push higher. They then want to see it break above resistance as the RSI is in the overbought range.
Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. A strong bearish move may follow if the price falls below the higher low trendline and the moving averages.
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