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Ether Erases Early Losses, Faces Resistance Above $2K
"We would add exposure if ether can confirm a breakout above its 50-day MA," one chart analyst said.
Ether buyers stepped in below $1,900 on Wednesday, helping the second-largest cryptocurrency erase early losses. At press time, the native cryptocurrency of Ethereum's blockchain was trading unchanged on the day at about $1,941.
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- The relative strength index on the hourly chart shows bullish divergence and scope for further upside.
- The RSI on the four-hour chart also favors a recovery rally, while the weekly chart stochastic is signaling interim oversold conditions.
- The upside signaled by short-term indicators may run into resistance at $2,040. That level is housing the widely tracked 200-day simple moving average (SMA) resistance.
- A break higher would expose the make-or-break 50-day SMA hurdle lined up at $2,310.
- "We would add exposure if ether can confirm a breakout above its 50-day MA, as with bitcoin, with next resistance on the chart above $3,000," Katie Stockton, founder and managing partner of Fairlead Strategies, said in the weekly research note published Monday.
- Support levels to watch out for are the daily low of $1,865 followed by the June low of $1,700.
Also read: Bitcoin’s Range Play Likely to End With Bullish Breakout: Analyst
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
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