Forex and Crypto News

Ethereum has started a bullish rally

17:17 12 October /2020

Ethereum hit a weekly high of $380 last week, but failed to break that level and began a correction. As a result, the pair ETH/USD began a correction and dropped to the $372 area. However, the ETH/USD pair started the new week with growth and at the time of publication, the pair broke through the resistance level of $380 and rose to the $387 area.

ethusd-12-october.jpg

If you look at the chart of the ETH/USD pair, you can see that the pair began a bullish rally after it crossed the $355 level, it rose above the 100 MA. Having also overcome the $355 level, the price left the triangle. After that, the price broke through the intermediate resistance levels of $365 and $370 without any problems.

After breaking through the $380 level, the pair opened the way to the next $395- $400 resistance area.

If Ethereum fails to close the daily candle above $380, a correction is likely. In this case, the level of support will be $365. The $355 level is key. Moreover, 100MA is located here.

The RSI indicator shows that the price is close to the overbought zone, but has not yet entered it.

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