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3 May

By Amir El Araby

Category: Cryptocurrencies

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Ethereum to inch higher?

Having a look at the daily studies of Ethereum proves that, the coin continues to beat the resistance levels placed during the previous period as seen on the chart below.

Actually, Ethereum succeeded in placing a medium-term trough in the areas of 361.00 where buyers took it to the upside clearing 611.00 zones where 23.6% Fibonacci retracement of the entire decline from 1422.00 to the afore-mentioned low exists.

With that in mind, the path becomes clear towards 766.00 areas, reinforced by the bullish crossover of SMA20 and SMA50 in addition to the positivity on RSI14 despite being close to overbought territories.

Trade Setup:

It is better to buy Ethereum above 766.00 with targets at $890.00 and stop loss below $652.00. 

Amir El Araby

Financial advisor with 18 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts).