Ethereum: Cool off and bounce will take it higher
- Ethereum bounces sharply to gain back its lost glory.
- May cool off some, before it gathers more strength to rally more.
Ethereum, the third largest cryptocurrency by market capitalisation, rallies the most in Sunday trading among all the other major cryptocurrencies, in its quest to regain its lost glory and the crown of second largest cryptocurrency from XRP.
ETH/USD is up more than 10 percent on day at $130.51 and trading in more than 13 percent range for the day. On the hourly chart of this ambitious crypto, it has stalled a bit from this ascending trendline and giving an opportunity for bears to pounce back while bulls take some rest. RSI at 75 too hinting towards slightly overbought conditions.
On the longer horizon, bulls need to consolidate these recent gains, pause a bit and then gather more strength to rally towards upper end of the channel on 720-minute chart, placed around $190.
ETH/USD 60-minute chart:
ETH/USD 720-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
