For Traders

Analytical Reviews

Crypto-currencies

17.02.202118:43 Forex Analysis & Reviews: Ethereum still riding the bullish channel

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Ethereum is trading today at $1,812. Price is very close to monthly and all time highs. Trend remains bullish as price continues making higher highs and higher lows inside the bullish channel. As long as price is above $1,610 trend remains bullish.

Blue lines - bullish channel

ETH/USD short-term support is at recent low at $1,650. Channel support as we said above is crucial and at $1,610. Resistance is at $1,872 the recent all time high. There is potential of a move towards $2,000 as long as price is inside the bullish channel. The RSI is providing bearish divergence warning signals, so traders need to be very cautious and protect their longs.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade