ETH/USD is has been edging sharply higher since October and added 98% to its performance. Ether launched in 2015 and surged more than 8,000% since the start of 2017. During this month, the price recorded another all-time high at $687.41 but lost some momentum and is currently developing near the $687.00 price level, and especially over the last three trading days the price is accelerating aggressively.
Using Fibonacci extension level, the next handle to have in mind is the 261.8% level, $725.72 resistance, of the last big retracement move to the downside with high at $514.07 and low at $383.70. On Tuesday, the pair penetrated to the upside the critical 161.8% Fibonacci level and continues the bullish movement.
From the technical point of view, on the short-term timeframe, the three simple moving averages (50, 100 and 200) are sloping to the upside and they are following the price action. The MACD oscillator is rising above the trigger and zero lines, as well as the Relative Strength Index (RSI) lies in the extremely overbought area. Technical indicators are signaling for further bullish tendency.
Having a look at the medium-term chart, the oscillators are endorsing the view for an upwards move as the MACD and the RSI are strengthening their momentum in the positive areas.
by Melina Deltas, XM Investment Research Desk