Home Ethereum Technical Analysis: ETH/USD on its way to $400 facing only one major resistance level at $366
Crypto News

Ethereum Technical Analysis: ETH/USD on its way to $400 facing only one major resistance level at $366

FX Street
Updated:
  • ETH/USD is trading at $344 after more continuation above $330. 
  • Ethereum bulls are in full control even though many indicators are overextended.
  • The only real resistance level is located at $366.

Ethereum continues leading the way gaining another 3% and increasing its market dominance by 0.5% in the last two days. Ethereum’s dominance was around 9.7% in June 2020 and peaked at 12% on July 27, a significant raise. 

ETH/USD daily chart

ETHUSD

Ethereum is obviously overextended but the demand is simply too strong. The next real resistance level is located at $366 and it’s the only strong point before $400. Considering the current bullish momentum, it’s hard not to see Ethereum cracking this level. 

Even at $400, which is a psychological level, there are really no other resistance levels nearby, mostly because Ethereum was crashing violently and bears couldn’t establish any resistance points. 

ETH/USD technical levels

 

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.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024