Ethereum ETH/USD is trading up Thursday amid a cryptocurrency market that is pretty even with gains and losses. The crypto is pushing higher despite some of the other popular currencies such as Bitcoin BTC/USD and Dogecoin DOGE/USD moving lower.
Ethereum was up 2.09% at $3,650.41 at last check Thursday afternoon.
Ethereum Daily Chart Analysis
- Ethereum continues to push higher and nears resistance in an ascending triangle pattern. This pattern is formed by the resistance levels near the all-time highs.
- The $4,000 level has held as resistance a couple of times and sits near the crypto's all-time highs. Support has been found near the higher low trendline multiple times in the past. This area may hold again in the future.
- The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating looks to be bullish.
- Each of these moving averages may hold as a place of support in the future.
- The Relative Strength Index (RSI) has been climbing higher the past couple of weeks and now sits at 61. The RSI has been approaching the overbought range showing that the buying pressure has been outweighing the selling pressure.
What’s Next For Ethereum?
Bullish traders are looking to see Ethereum continue to push higher and eventually break above resistance. Bulls would then like to see the crypto test the $4,000 as support and consolidate above it. This could let Ethereum see a further push higher.
Bearish traders would like to see Ethereum drop back to the higher low trendline and be able to cross below it. If Ethereum could cross below the higher low trendline it may signal that the crypto is changing trends and ready to see a dip lower.
Image by Jievani Weerasinghe from Pixabay
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