Ethereum managed to break through the level of horizontal resistance of $414, which the crypto hit reached in June. Ether rose by more than 5,000 from the beginning of the year, reaching a market capitalization of over $40 billion.
The rally follows the forecast of billionaire investor Mike Novogratz, who predicted the ether will reach $ 500 by the end of the year, while Bitcoin's quotes are close to $10,000. Novogratz said investors are entering the world of cryptocurrencies because of the lack of confidence in financial institutions after the crash in 2008.
Technically, the price activates the trend of the confirming triangle and is currently showing a strong upward momentum. Input from the current levels will be too risky and therefore we need to wait until the upward momentum is over. In order to position Long, we need to wait for a correction to the levels of horizontal resistance breakthrough that is already in support, and look for an appropriate Price Action to enter.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.