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Ethereum Has Healthiest Chart Among Group, Watch Proven Support

Ethereum Has Healthiest Chart Among Group, Watch Proven Support

Paul Robinson, Strategist

Recent weakness in the cryptocurrency space has brought the broader outlook back into question for the major players, however; Ethereum continues to hold up relatively well. So, while others such as Bitcoin, Ripple, and Litecoin continue to sag, Ethereum is bringing in buyers at a key area of support.

See how positioning changes in cryptocurrencies and other markets can help as a tool to determine price direction on the IG Client Sentiment page.

Ethereum 640/30-area bringing in buying interest

Only a modest amount of selling has been seen lately in ETH/USD, which suggests that if buyers come back into the broader sector it will be the first one to garner attention. There is fairly substantial support down in the 640/630-area. This support zone started back at the end of last year, and has recently received a fair amount of attention.

Yesterday, was just another show of buyers with a strong key-reversal bar shaping up by the end of the session. It was also another close above the 200-day MA, which has been a theme for the last three weeks. Intra-day breaks below, but those breaks have been unstained and recoveries by the end-of-day have developed to keep ETH buoyed.

Support could of course break, and if the sector continues to go south this may soon very well be the case. However, a trough can be found, broadly speaking, ETH/USD is set up to rally. Looking higher, the first level of resistance clocks in at the monthly high at 838, followed by 979.

In the event support breaks, a ‘catch-up play’ could be in store as buyers throw in the towel along with the rest of the group. Below ~630, there isn’t any substantial support for a good distance lower.

Check out this guide to learn more about how to trade Bitcoin and other cryptocurrencies.

ETH/USD Daily Chart (Solid support at its feet)

ETH/USD daily chart, solid support at its feet

Helpful Resources for Cryptocurrency Traders

Whether you’re a new or experienced cryptocurrency trader, we have several resources to help you;Introduction to bitcoin trading guide, indicator for tracking trader sentiment, and a weekly webinar discussing the latest developments.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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