Eternal rival of bitcoin, ether (ETH) follows roughly the same direction as it. However, despite the mother of cryptos finding it difficult to exceed its 200MM, ETH is already far from this indicator. On top of that, it is showing more bullishness than its rival. Is it a good time to buy ether? Let’s do a technical analysis on its course.
Ethereum (ETH): in a phase of indecision on a resistance zone
Ether price is currently sitting on a year-old resistance zone. This area sits around $1,700. This level is easily visible on a weekly time scale. But if we go down to a time frame daily, we can see that the price ofETH has already hit $1,800. Be careful not to to buy of the’ether right away, since it could be a false break. Indeed, this bullish impulse lacks volume. But for the most optimistic, it could be a bullish wave that will last for the long term.
For the day traders, there are still many key levels to cross for ether. For example, on the time frame 4 am, we can see a small area of S/R (support/resistance) around $1900. This may be insignificant for long-term investors. But for the day tradersthis is a key level to monitor.
Thus, buying ether now may be an option. But it is still risky since the price is inside a resistance zone.
Ethereum (ETH): is it too late to buy?
No, it’s not too late to add ether to your wallet. The price of this crypto has already surpassed its 200 weekly moving average. Which means that an uptrend has started. However, there remains a major challenge for Ethereum: breaking through the resistance around $1800 and $1900. Once the price breaks this zone, you can wait for the next correction before investing. For the moment, nothing is sure yet. The best thing to do is short-term trading. That is: buy ether, then close your position after a few hours.
ether took a lead on bitcoin. Since the beginning of July, ether chained green candles on weekly. On top of that, its price is already 530 points above the 200 moving average. One would expect the price to touch the $1,900 level, before starting a slight correction. After that, the perfect time to buy Ethereum.
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