Ether (ETH) Breakout Continues; Bitcoin's Dominance Falls
Ethereum News and Talking Points
- Fibonacci resistance nears but ETH boosted by 200-day moving average.
- Bitcoin’s dominance falls back to 38%, the lowest level in one month.
IG Client Sentimentshows retail are 92.8% net-long of Ethereum (ETH) but recent changes cloud the outlook. Download the data for free.
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Ether Rally Nears Resistance But 200-day Moving Average Boosts ETH
Ether’s impressive rally continues taking out the $567 swing low made on February 6, with the token now on course to take out resistance at $666, the 61.8% Fibonacci retracement of the September 15 – January 14 rally. ETH is also now trading above the 200-day moving average for the first time since March 18, a bullish impulse which should continue to fuel the rally in the short- to medium-term. A Golden Cross is also on the way, when the 50-day ma moves up through the 200-day ma. Support at $568 and $497 should hold sway.
Ether (ETH) Price Chart in US Dollars(August 15, 2017 – April 23, 2018)
Bitcoin’s Dominance Hits a One-Month Low
Bitcoin’s market capitalization dominance has slipped to a one-month low as other tokens out-perform the market leader. The last time Bitcoin’s dominance fell was during the altcoin rally in late-December to late-January when record high prices were made. The overall market capitalization rose to just under $400 billion compared to the recent low of $248 billion made just over two weeks ago.
What’s your opinion on Ether – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.