Ether Price Has a Good Chance of Rising Further
On Wed July 18, Ether is falling, although the previously formed local uptrend still looks quite sustainable. The crypto is trading around $498, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Today’s morning, Ether rose above $500, which helped to determine the next important resistance levels. The bullish trendline at $480 that was formed yesterday is now confirmed on H1, and in case Ether is able to go above $500 shortly, its chances for going further up will increase.
Once Ether continues rising, it will quickly reach $525, and the current support levels will go above, too. As of now, Ether has some potential to rise till $550, according to D1.
For now, the key support for Ether is at $480, and once the crypto heads up, a new support at $500 will get active. $525 is still key resistance for now. The MACD is going up on D1, still in the negatives, and is issuing a buy signal, while the Stochastic confirms it, being in the positive territory.
Among fundamentals and events that are important for Ether traders, one can mention the addition of Bitcoin and Ether to Purple Group. The company believes its customers will now have more freedom in selecting payment methods for running their transactions.
Another important news item is that the brokers using MT4 began offering cryptocurrency trading (at first, only Bitcoin, but then other cryptos were added). In most cases, the clients can trade CFD’s, although some brokers allow direct cryptocurrency transactions, too. This is a very interesting opportunity, as the investors trust MT4 and consider it a secure platform, so crypto trading added to it will be trusted, too.
With more products added to the platform, both direct crypto trading and CFD’s, more people will come to MT4 in order to try it. This is positive for both Ether and other altcoins.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.