Ethereum eyes levels above $400 following a break above key descending trendline resistance. ETH/USD near term to remain bullish especially with the RSI trending upwards within the overbought region. Ethereum is solely in the hands of the bulls. This follows an impressive price action since last week. The weekend session was particularly yielding for Ethereum as it catapulted ETH/USD above $300. The key move was the break past descending trendline resistance, commenced when Ether retreated from June 2019 highs around $360. Although very little progress has been made from the time ETH/USD hit new 2020 highs at $334, buyers have been keen on holding the price above $320. At the time of writing, ETH/USD is trading at $323. The path of least resistance remains upward based on the prevailing technical levels. The RSI, for instance, is still grinding upwards in spite of having hit the overbought levels. This shows that a reversal is unlikely in the near term. In addition, the Elliot Wave Oscillator is charting another bullish session. Looking at the moving averages in the weekly timeframe, Ethereum bulls are bound to remain at the helm of this trend for some time. For instance, the 50 SMA recently crossed above the longer-term 100 SMA. The widening gap between the two indicators hints that buyers have more influence over the price. ETH/USD weekly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Australian payrolls fall 1.1% between mid-June and mid-July – ABS FX Street 3 years Ethereum eyes levels above $400 following a break above key descending trendline resistance. ETH/USD near term to remain bullish especially with the RSI trending upwards within the overbought region. Ethereum is solely in the hands of the bulls. This follows an impressive price action since last week. The weekend session was particularly yielding for Ethereum as it catapulted ETH/USD above $300. The key move was the break past descending trendline resistance, commenced when Ether retreated from June 2019 highs around $360. Although very little progress has been made from the time ETH/USD hit new 2020 highs at $334, buyers have… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
