Since ethereum is the talk of the town these days a large number of investors and trades are keeping an eye on all of its updates. According to the price analysis performed for ethereum, the bulls have to rally this digital currency to 258.00 dollars to create a reversal pattern. In order to turn the bullish on every front, the Ethereum and U.S Dollars must be trading way over the 17.00 Dollar level.
Since the trading low that occurred in the December of 2019, Ethereum recovery has been on the up and up. That being said, the ethereum and US dollar pair did not successfully match with the performance of Bitcoin which is considered to be its closest rival. The technical analysis for ethereum also reveals that this cryptocurrency has to rally over 170.00 in order to establish its prospects in the midterm. XTR gate blog scam rumors also has a great piece on this.
The Medium Term Trend ETH/USD
A technical performance performed on Ethereum shows that this cryptocurrency still falls in the category of bearish. Unfortunately, it is still trapped beneath the 200 per day moving average ever since last year’s November. Just like we mentioned earlier, it is high time for the Bulls to start rallying the Ethereum and US Dollar pair over the required level in order to bring a shift to this dynamic.
The most recent recovery that happened in the cryptocurrency market proved to be helpful in providing some technical insight and outlook regarding the infamous pair of ETH/USD. Although the speed of the gains that happened recently is not the largest in the crypto world, they are only second behind Bitcoin which has been quite dramatic in the crypto currency world. Taking a close look at the regular time frame, a large number of traders are presently involved in a battler around the ethereum and U.S Dollar pair’s moving average of 50 per day. The ever improving stability over this area is proving to be quite supportive for moving towards the level of 170.00 Dollars.
From what the technical analysis shows, it looks like Ethereum can only progress higher with the help of a Bullish catalyst. More gains or positive news regarding the pair could prove to be quite fruitful to improve the discovery of ETH/USD.
The Short Term Trend
Over the short term, the technical analysis of Ethereum shows that this cryptocurrency is in the bullish stage, while its prices move well over 137.00 Dollars level. This crypto currency recently began to gain some traction over the two hundred period moving averages in the time frame of four hours. This was after the months that followed some losses.
To Sum Up USD and ETH Technical Analysis
The technical analysis of ethereum strongly suggests that getting the cryptocurrency from present levels could still prove to be quite a risky option. A rally that moves towards the resistance level of 158.00 dollars would be enough to confirm a reversal pattern and also reaffirm that a price for medium term is also in place. XTR gate.com Crypto trading platform review also provides a technical analysis about ethereum.