It seems like a good time to buy Ether (ETH) right now. The uptrend seen since the weekend is likely to continue, here are the potential targets to consider…
Ether (ETH) turns green
With a 5.6% increase over the weekend, the second-largest cryptocurrency by market capitalization is once again in positive territory this month. On the monthly chart, we can see that the trend for the year remains up despite some profit taking around $2000. In the short term, the price of ETH has shown a change in direction. Indeed, the break of the resistance at $1872 could signal a continuation of the upside. Moreover, the bullish movement seen over the weekend also allowed Ether (ETH) to break above the past 50-day moving average.
Thus, it is possible that the current uptrend will continue. In this case, the closest target is around the psychological zone of $2000. If the price of Ether (ETH) shows no bearish reaction at this level, a break of the year high at $2138 could be in sight. These are the two closest targets, but it is also possible for Ethereum to reach $2500. On the other hand, if Ether (ETH) reacts to the resistance at $2000, a decline towards the past 200-day moving average could occur.
When is the best time to take a buy position?
With the bullish momentum seen over the weekend, an upside of at least 8% is on the cards for this week. In this case, buying ether (ETH) could be interesting in the short term. Therefore, the May opening price at $1872 seems like an interesting entry point. If we are looking at an 8% rise on Ether (ETH), the target should be around the resistance at $2021.
If the uptrend continues, the price could hit a new yearly high. However, it would be safer to take profit on a psychological level. If the price breaks through the low seen over the weekend at $1813, it will invalidate the bullish hypothesis for Ether (ETH). In this case, a descent towards $1600 could be envisaged.
Entry point: $1872;
Stop: $1828;
Goal 1: $2021;
Goal 2: $2138.
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