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Ethereum (CRYPTO: ETH) is trading on Thursday in the midst of a cryptocurrency market that is fairly balanced with gains and losses. Crypto is pushing higher despite some of the other popular currencies such as Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE) moving lower.
Ethereum was up 2.09% to $ 3,650.41 as of the last check on Thursday afternoon.
Ethereum Daily Chart Analysis
- Ethereum continues to push higher and is approaching resistance in an ascending triangle pattern. This pattern is formed by resistance levels near historic highs.
- The $ 4,000 level has held up several times and is near the crypto’s historic highs. Support has been found several times near the higher low trendline in the past. This area may still be maintained in the future.
- The crypto is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that it looks bullish.
- Each of these moving averages may act as support going forward.
- The Relative Strength Index (RSI) has climbed higher over the past two weeks and now stands at 61. The RSI has approached the overbought range, showing that buying pressure has prevailed on sales pressure.
What’s next for Ethereum?
Bullish traders are looking to see Ethereum continue to push higher and possibly break through resistance. Bulls would then like to see the crypto test the $ 4,000 as support and consolidate above it. This could allow Ethereum to see a further push higher.
Bearish traders would like to see Ethereum fall back to the higher low trendline and be able to break below. If Ethereum could break below the highest low trendline, it could indicate that the crypto is changing trend and is ready to see a decline.
Image by Jievani Weerasinghe from Pixabay
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