Ether Price Targets $160 as Altcoins Rally and BTC Trades Sideways

Altcoins proceed to benefit from Bitcoin’s sideways buying and selling and merchants who take a fast look on the altcoin-to-Bitcoin pairings at their alternate of alternative will discover that most of the altcoins are once more posting double-digit positive factors. 

On the time of writing, THETA is up 13.26%, KyberNetwork (KNC) 18% and TomoChain (TOMO) has rallied 16.09%. Ether (ETH) has didn’t mirror these outcomes however as the tip of the 2019 approaches, the altcoin continues to be seeking to shut the yr with a 35% acquire. 

Crypto market weekly efficiency. Supply: Coin360

Since Nov. 27 Ether (ETH) value has tracked carefully under the long-term descending trendline, portray decrease day by day lows. The Dec. 12 drop to $139 marked the fourth time the help has been examined since Nov. 22 and the altcoin stays vulnerable to falling to the final remaining robust help at $131.61. 

Right this moment’s uptick in quantity exhibits bulls are eager to defend the $139 help and the worth is now making an attempt to press towards the descending trendline at $145.35 which can be aligned with a excessive quantity node on the amount profile seen vary indicator (VPVR). 

Regardless of Ether’s bearish bias, there is a chance for a swing commerce that would kick out a 10% to 12% return on funding.

ETH USD day by day chart. Supply: TradingView

If Ether can break above the descending trendline and clear the resistance at $150, the worth might run by way of the VPVR hole to $160. This is able to additionally place Ether value inside a couple of dollars of setting a day by day increased excessive, one thing not seen because the drop from $163 on Nov. 24. 

Ether value can be approaching the shifting common of the Bollinger Band indicator at $148 and the higher band is at $155. Merchants will discover that the shifting common confluence divergence (MACD) histogram exhibits a gentle improve in momentum and the MACD continues to tug away from the sign line. 

ETH USD 6-hour chart. Supply: TradingView

As proven by the 6-hour chart, Ether struggles to cross above the 12-period exponential shifting common and the descending trendline however the Chaikin Cash Move (CMF) oscillator has risen above zero. The MACD seems to be on the verge of a bull cross and the RSI bounced from oversold territory and is en-route to 46. 

Ether merely wants a rise in purchase quantity to push by way of the excessive quantity node at $146. 

ETH/BTC pair present indicators of life

ETH BTC day by day chart. Supply: TradingView

For a change, Ether’s arrange on the ETH/BTC pair is kind of just like the ETH/USD pair. The worth has additionally been capped between the 12-point EMA and descending trendline at zero.020190 (sats). 

Earlier in the present day Ether value briefly popped above the descending trendline and merchants will discover the bull cross on the MACD and that the indicator’s histogram has flipped inexperienced and is at present above zero. The relative power index (RSI) has entered bullish territory and on the time of writing, it’s climbing above 53. 

The zero.019577 (sats) help has held properly however Ether can have a troublesome time taking gaining above zero.020829 (sats). Merchants would possibly take into account ready for the worth to achieve zero.021101(sats)or the next excessive at zero.021781 (sats) earlier than contemplating an entry.

The identical may be mentioned for the ETH/USD pair. Merchants would possibly take into account ready till Ether clears the descending trendline to set the next excessive above $152. Alternatively, shopping for the dip on pullbacks to the $138.57, $131.50 has additionally proved worthwhile so merchants would possibly take into account ready for much less dangerous entry at both of those helps. 

The views and opinions expressed listed here are solely these of the creator (@HorusHughes) and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer entails danger. It is best to conduct your personal analysis when making a call.

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