ethereum is at potentially

In the Ethereum today’s news, we see that the big cryptocurrency and second leader after Bitcoin (BTC) is at a significant turning point and is right now trimming the gains from the $158 resistance area against the US dollar. As it stands, Ethereum is at potentially significant turning point and approaching a couple of important supports near the $144 area.

Earlier, we could see a break above the major bearish trend line with resistance near $152 on the 4-hours chart of the ETH/USD pair. Analysts predict that Ethereum is at a turning point and may bounce back as long as it is above the $142 support area.

The past week, we could see a solid recovery for ETH as the coin rose above the $142 resistance area. ETH also surpassed a major resistance area near the $150 level. More importantly, we could see a break above a major bearish trend line with resistance near $152 and even surpassing of the $155 mark. However, ETH struggled to gain momentum above $158.

Ethereum is at potentially major turning point ever since a swing high was formed near $158. Right now, the biggest altcoin is correcting lower below the level from the $131 swing low to the $158 high.

Lying in the $145 support area as the latest cryptocurrencies news show, Ethereum is approaching the broken trend line with main support near the $142 area. In a scenario of a downside break below $142, the chances of another upward move are reduced.

A clear break above the $160 level and the 100 simple moving average (4 hours) may perhaps push the price of Ether back into a positive zone. Still, as long as ETH is above $142, Ethereum is at potentially major turning point.

  • 4 hours MACD – The MACD for ETH/USD is now adding strength in the bullish area.
  • 4 hours RSI – The RSI for ETH/USD is currently in a decline and it is trading near the 40 level.
  • Major Support Level – $142
  • Major Resistance Level – $160

From the technical indicators above, we can see that Ethereum is at potentially major turning point. However, with a price of $147 and a drop of $4.21% on the day, it is not among the cryptocurrencies which are expected to buzz in the near future.

The post Ethereum Is At Potentially Significant Turning Point appeared first on DC Forecasts – Leading Digital Currencies.

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