- ETH’s price has risen 2.11% over the last 24 hours.
- The price of the altcoin is currently trading above the daily 9 and 20 EMA lines.
- Now may be a good time for traders to enter into a long ETH position.
The crypto market tracking website, CoinMarketCap, shows that the largest altcoin by market cap, Ethereum (ETH), saw its price rise by 2.11% over the last 24 hours. In addition to the 24-hour increase, ETH’s price is also up 4.32% over the last 7 days. As a result, the price of ETH stands at $1,332.97 at press time.
Daily chart for ETH/USDT (Source: CoinMarketCap)
ETH’s price has risen above the daily 9 Exponential Moving Average (EMA) line and starts today’s trading session above the longer 20 EMA line as well. This comes after over-powering bullish trade volume entered the market for the last 3 days.
An early sign of a bullish move for ETH is the daily MACD line positioned above the daily MACD signal line, which also means that the gradient of the MACD histogram is positive as well.
Confirmation of a bullish move will be the daily 9 EMA line crossing above the daily 20 EMA line. Traders with a tolerance for risk can look to enter into a long position now, however, it may be best to wait for the two EMA lines to cross, just in case ETH’s price is unable to maintain its position above both of the EMA lines.
According to a tweet made by the renowned trader, Michaël van de Poppe, there are two strategies that can be carried out by ETH traders given its current situation. The first strategy is to play the flip of $1,330 towards the $1,500 and $1,620 levels. The other strategy is to play the retest at $1,305-$1,310 towards $1,500-$1,620.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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