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Ethereum Prices Top 300- Will it Hold?

Ethereum Prices Top 300- Will it Hold?

2017-09-28 16:24:00
Michael Boutros, Strategist
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ETH/USD Daily Chart

ETHUSD Price Chart- Daily Timeframe

Technical Outlook: Ethereum prices are up nearly 50% off the September lows with advance now testing near-term resistance today at 61.8% ext at 312. While we could see some more kickback from here, the focus remains higher while above 271/74- a region defined by the 100-day moving average and the 7/18 swing high. Note that daily momentum has remained below 60 and we’ll be looking for a move higher to confirm a more significant low is in place.

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ETH/USD 240min

ETH/USD Price Chart - 240min Timeframe

Notes:A closer look at near-term price action shows Ethereum trading within the confines of a modified ascending median-line formation extending off the monthly lows. Prices reversed off confluence resistance today at 312 with interim support now eyed at 285. A break below 271 would be needed to shift the focus lower with such a scenario targeting 252 & key support back at 234.

A breach higher targets the 61.8% retracement at 321- note that this threshold converges on the median-line heading into the close of the month. Bottom line, from a trading standpoint we’ll favor buying pullbacks while within this formation with a breach above the median-line needed to fuel the next leg higher in Ethereum prices. Subsequent resistance targets are eyed at 350/55backed by the record high-day close at 385.

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- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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