The Ethereum Rate Shows Steady Growth

Technical indicators:
  • Market Cap, billion: $71,46
  • % chg. over the week: 16,12
  • % chg. over the year: 718.97
  • 52 wk range: 201 – 1420

The BTC/USD quotes have been showing a pronounced uptrend for quite a long time. Over the past month, the Ethereum rate has grown by more than 90%. Let’s consider the current news feed.

Earlier it became known that the US regulators were going to recognize Ethereum as a security. However, CEO of blockchain company ConsenSys and Ethereum co-founder Joseph Lubin is convinced that Ethereum is not a security. “We spent a tremendous amount of time with lawyers in the US and in other countries, and are extremely comfortable that it is not a security; it never was a security,” said Lubin.

Today, the ETH/USD quotes on the Bitstamp exchange are testing the $730 mark.

The current technical pattern on ETH/USD
  • Support levels: 700.00, 600.00, 520.00
  • Resistance levels: 730.00, 800.00, 880.00
BTC/USD

The current technical pattern indicates the further growth of the ETH/USD quotes. In the trading instrument, a classical figure of "Triangle" has been formed, which quite often acts as a continuation of the current trend. At the moment, the price is testing local resistance of 730.00. Indicators point to the power of buyers:
- The ETH/USD quotes were fixed above 50 MA and 200 MA;
- The MACD histogram is in the positive zone and continues to rise.

We recommend opening positions in the direction of the current trend.

Trading recommendations

If the price fixes above the local resistance of 730.00, further growth of the ETH/USD currency pair is expected. The immediate goal of profit taking is a round level of 800.00. In the medium term, the trading instrument may reach the level of 880.00-950.00. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.05.03

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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