The crypto market has just passed a market cap of $ 2 trillion thanks to a broad rally in altcoins. Now the top altcoin, Ethereum, could be ready to hit new heights.
The main feature on the ETHUSD chart is the breakout above the February high of around USD 2,000, followed by a brief retest and a tight consolidation pattern. Old resistance seems to be new support.
Second, looking back at recent price action, we find a pair of higher lows. The price first held the $ 1,400 zone that had previously resisted. Next, it clawed back from a dip below $ 1,600. This is an ascending triangle textbook.
Third, MACD has done positively as ETHUSD bounced back above its 50-day simple moving average and 21-day exponential moving average early last week.
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Ethereum (ETHUSD), daily chart with key patterns, courtesy of TradingView.
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David Russell is VP of Market Intelligence for the TradeStation Group. His background is based on nearly two decades of experience as a financial journalist and analyst. It includes stocks, emerging markets, fixed income securities and derivatives. He previously worked at Bloomberg News, CNBC and E * TRADE Financial. Russell systematically reviews myriad global financial headlines and indicators looking for broadly tradable trends that present recurring opportunities over time. Customers can expect him to keep them updated on the industry leadership, relative strength, and big stories – especially those that are overlooked by other commentators. He’s also a big fan of leverage with options to limit risk capital.