Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Ethereum Price Breakout Pending- Levels to Know

Ethereum Price Breakout Pending- Levels to Know

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

ETH/USD Daily Chart

ETH/USD Price Chart - Daily Timeframe

Technical Outlook: Ethereum prices have carved out an impressive monthly opening-rang just below key resistance at 312/21- a region defined by the 61.8% retracement of the September decline and the 61.8% ext of the advance off the subsequent lows. Interim support rests with the range lows at 287 with our near-term bullish invalidation unchanged at 271/74. A topside breach targets the 100% ext / September reversal-day close at 350/55 backed by the record high-day close at 385.

New to Forex? Get started with this Free Beginners Guide

ETH/USD 240min

ETH/USD Price Chart - 240min Timeframe

Notes:A closer look at price action furtherhighlights the October opening rangebetween 287-312. Look for the break with a close above 321 needed to fuel the next leg higher in Ethereum. Respect a downside break however with such a scenario likely to see a quick washout towards 271/74. Broader bullish invalidation for the longer-term outlook rests at 234.

Bottom line: while the broader outlook remains weighted to the topside, a break below this range would risk a larger correction before continuing higher. Ultimately I would be looking for better long entries on a move lower OR on a break & retest of the opening range highs as support.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

---

Relevant Data Releases

Economic Calendar

Check out this week’s DailyFX Webinar Schedule

Other Setups in Play

- 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.

DISCLOSURES