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.
Get my updates. Free.
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.
ETHUSD Tests Above Ichimoku Cloud – Ethereum Update
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.
Become master of trading. Start with Invest Diva’s books!
Disclaimer (1): As 4th point of the IDDA, you must calculate your risk tolerance before deciding on which trading strategy is suitable for your portfolio. We normally do not recommend trading without three or more confirmation of a specific direction from technical, fundamental and market sentiment points of view.
Disclaimer(2): Forex is one of the HIGHEST risk investing instruments there is. If you don’t have sufficient risk tolerance to trade forex, you can try investing other online securities.
For further insights on our strategy and where to set your sell limit order and profit taking levels based on your RISK TOLERANCE, join our investing group.
Never Miss Out on Winning Trading Strategies: Sign Up NOW!
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 |
Related:
– XRP USD Breaks Below Daily Ichimoku Cloud – Ripple Update.
– BTCJPY Confirms First Ichimoku-Based Bearish Signal.
– What Levels Could BTC/USD Pullback To?
– Litecoin Hits All-Time High Versus USD.
#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.
