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Homepage / News November 25, 2017 218 views

All-Time High: Ether Costs Pass $440 as Key Level Breached

All-Time High: Ether Rates Pass $440 as Essential Level Breached

The value of ether, ethereum’s native token, is on a roll.

Quickly ahead of press time, the ether-U.S. dollar (ETH/USD) exchange rate had reached a fresh all-time higher of $444. As per CoinMarketCap, the world’s second largest cryptocurrency has appreciated by 11 % in the final 24 hours.

Total trading volume jumped to $1.845 billion yesterday – the highest considering that Sept. 15. A higher volume rally indicates strong hands are at play and far more records could be set more than the weekend.

Again, South Korean desks are firing on all cylinders. Volumes in the ETH/KRW pair offered by Bithumb, one particular of the biggest cryptocurrency exchanges in the nation, have gone up by 13.57 % nowadays.

The price action evaluation indicates scope for a rally to $460-$470 levels in the quick-term.

1-hour chart

  • The above chart shows a bull flag breakout, which is a continuation pattern – i.e. an upside break of the flag as noticed above signals continuation of the rally.
  • As per the measured-height approach, a bull flag breakout has opened the doors for $480 levels (flag height added to the breakout level).

Daily chart

The chart above shows:

  • The next key resistance is noticed at $465.90 (127.two% Fibonacci extension).
  • The relative strength index (RSI) shows overbought situations.

Weekly chart

The above chart shows:

  • A bullish symmetrical triangle breakout. This is a continuation pattern – i.e. an upside break indicating the bull run has resumed. In ether’s case, it signifies that the rally from the lows near $ten has resumed.
  • The RSI is close to the overbought territory, nevertheless, it is properly quick of the extreme overbought levels observed in June. As a result, there is plenty scope for a further rally in costs.

View

Ether appears set to test resistance levels of $465.90-$480 and could extend the rally to $500 levels in quick-term.

Technical pullbacks, if any, are likely to be brief-lived. Only a sustained move beneath the 10-day MA would signal the rally has run out of steam.

Rollercoaster image through Shutterstock

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Disclaimer: This post must not be taken as, and is not intended to provide, investment suggestions. Please conduct your own thorough analysis prior to investing in any cryptocurrency.

Published at Fri, 24 Nov 2017 14:05:51 +0000

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