Ether Price Breaks Key Resistance — Can It Repeat Bitcoin’s 42% Gain?
Horus Hughes's original article for cointelegraph.com reduced by 43%
Over the past week Ether has shown that it is not permanently hinged to Bitcoin's price action and notably, a number of altcoins are also beginning to forge their own paths higher. Although the price has pulled back from $194, the 12-period exponential moving average remains above the 26 EMA and the price appears set to revisit the moving average of the Bollinger Band indicator at $187.The relative strength index has turned down from 68, the Stochastic RSI has turned down, quickly approaching bearish territory. The pace of the falling MACD line also has slowed as Ether's price bounced off the lower arm of the Bollinger Band indicator and the price is currently pushing back toward the middle band at $190.65.
Traders might consider buying the breakout with a tight stop if Ether price sustains above $199.45 and the price could make its way to $225, then $240.ETH/BTC heats up. Currently, the price is being rejected at the 20-MA of the Bollinger Band indicator and a move above the first target at 0.020984 could see the price run to the upper Bollinger Band arm at 0.022033 for a 7.25% gain. The 6-hour chart reconfirms the fact that Ether is pinned underneath resistance at 0.020592 and the price is trading in a volume gap with support at 0.020375 and resistance at 0.020814.
Traders will be watching to see if Ether can push above the 20-WMA and set a few higher highs above the current price.
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