Binance CEO Confirms BNB Coin Burn In The Exchange’s Fourth Quarterly Update Technology Giant IBM To Utilize The FDIC-Insured Stronghold Stablecoin SpringRole Will Provide Advisor Verifications to ICODashboard Bitcoin (BTC) Price Analysis: Finally a Bullish Break! Ethereum (ETH) Named king of Crypto by Kevin O’Leary, reaches $500.00 Ethereum finally made an upside break above the double bottom reversal pattern previously highlighted.
The chart pattern spans $400 to $500 so the resulting climb could be of the same height, possibly taking Ethereum to $600 next. However, the 100 SMA is still below the longer-term 200 SMA to suggest that the path of least resistance is to the downside.
This means that the selloff is more likely to resume than to reverse. Then again, the gap between the moving averages has narrowed enough to signal weakening bearish momentum.
A bullish crossover could be imminent and this would likely draw more buyers to hop in and sustain the rise. RSI is indicating overbought conditions, though, so selling pressure could still return.
Either that or buyers could book profits at nearby resistance levels and trigger a dip. Similarly stochastic hit overbought levels and might be ready to head south soon, dragging Ethereum along with it. Read more from ethereumworldnews.com…
thumbnail courtesy of ethereumworldnews.com