ETHUSD Tests Above Ichimoku Cloud – Ethereum Update

ETHUSD Tests Above Ichimoku Cloud: After consolidating inside the daily Ichimoku cloud for a few days the ETH/USD pair peaked above the cloud on a strong bullish sentiment on Monday, as Ethereum founder says it can replace things like credit card networks and even gaming servers in a couple of years.

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Technical Points: ETHUSD Tests Above Ichimoku Cloud

The ETH/USD pair tested above the daily Ichimoku cloud on Monday, after ranging inside the cloud for a few days. This formed a bullish engulfing chart pattern, following two consecutive spinning tops. This is creating mixed signals for the pair, as we also have a number of bearish signals in the process of forming, including a long-term double top which formed at the 400 resistance level. If we get the confirmation above the cloud today, we could see the pair moving up to the 23% Fibonacci level of 338 in the next couple of weeks. The extended resistance is set at 394.

Fundamental Points

The ETH/USD bullish sentiment could be attributed to the fact that Ethereum’s founder, Vitalik Buterin, said in an interview that Ethereum can replace things like credit card networks and even gaming servers in a couple of years. He believes a good blockchain application is something that needs decentralization and some kind of shared memory, and that is Ethereum. Right, now, however, the network is a bit too slow for most mainstream applications.

If Buterin is correct with his forecast, the Ethereum network could pose a real challenge to large financial institutions like Visa as soon as next year. Blockchain technologies like Ethereum are widely believed to be the next big disruptor for industries ranging from law to shipping.

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Combining all points of the IDDA, here are Invest Diva’s calculations for important approximate levels to keep an eye on:

Support Levels	Turning Point	Resistance Levels
207	277	338
247	304	394

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Kiana Danial

#1 Best Selling Author. Helping you accelerate your retirement with Triple Compounding™ Former engineer on a mission to help 1 million households take control of their finances. Founder & CEO of Invest Diva.

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