Will Ethereum (ETH) continue to rise?

Ethereum has dropped to a price of $ 360 over the week after returning from the $ 400 mark earlier last week. After this restricted correction, we see that the ETH / USDT pair tries to turn its direction up again.

The negative trend in ETHUSDT during the last week found support at the 20-day moving average level and turned its place into positive in weekend trading. At the same time, the breaking of the 50-day moving average at the weekend is a situation that strengthens this positive course.

On the first day of the week, Ether is facing an important resistance price located at $ 378. When we look at the price movements in the recent past, $378 has worked as support and resistance many times. If this price breaks upwards, Ethereum buyers can test the $ 400 psychological resistance price again. If the 400 dollars level is broken, we can see 420 dollars as the next target.

On the other hand, the 100-day moving average (currently $ 358) in the lower zone is the main support for ETH / USDT. If this level breaks down, there appears to be a wide gap extending to $ 300.

When look at the latest status of important indicators; We can see that the Stochastic RSI has turned its direction to the north after the weekend transactions. This can be seen as a strong short-term buy signal by traders.

The MACD DEMA indicator, which is currently in the negative zone, seems to be losing its bearish momentum. If this indicator turns green, it can be considered as another signal with the direction of reception. In addition, the CMF indicator, which provides information about the flow of funds, also supports the trend with its value in the positive region.

Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.

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