Ethereum ETHUSD: Latest price analysis and trading strategies

Major cryptos such as Bitcoin, Ethereum, Ripple rejoiced the bounceback of the Crude oil. Ethereum rose almost 7% since today's open and is continuing its steady rise.

The latest developments in the Crude oil universe has taken the financial markets by a storm. Crude rebounded from its lowest ever prices. ETHUSD reversed from its bearish outlook and gained over 7% since the open.

The day’s range for ETHUSD is $170.33 — $183.26. The technical indicators have suddenly turned bullish on Ethereum.

 

Let’s take a look at the technical indicators for ETHUSD

ETHUSD Chart Published on TradingView.com

The best way to analyze the short term trend in Ethereum is by taking a look at the hourly timeframe for ETHUSD. 

  • Ethereum was earlier oscillating in the range of $168.98 to $174.12. The support and the resistance were retested a couple of times, but ETH didn’t break out. 
  • As of writing this article, Ethereum is just above $182. Now the upside could be till $193 for ETH. However, that would need the bulls to charge severely and take over the bears. 
  • Although most of the cryptocurrencies gained significantly today, it is essential to understand that it is not a genuine bull phase. The current upside is to be taken with a pinch of salt.

 

Short term trade setups for ETHUSD

  • The Relative Strength Index is heading towards the upper band of 80 on a 20,80 RSI scale. That is the overbought zone. Once, ETH reaches the overbought territory, a heavy selling will follow
  • The heavy selling will be as a result of the aim of booking profits. Now the catch is to wait for a bit and analyze the direction of movement. There is a chance that even after entering the overbought zone, prices continue to rise. In that case, it would be prudent to sit back.
  • In case ETHUSD starts falling, the entry point should be somewhere around $185 with a target of $173. 

The rest of the week is going to bring a lot more clarity about the fight against COVID-19

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