ETHUSD pushes through key resistance level
Moving higher for the 6th day in a row, ETHUSD ended Sunday at 529.71 gaining $27.26 (5.43%). Today's closing price of 529.71 marks the highest close since March 23rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 514.66, Ether confirms its breakout through the prior session's high having traded $16.04 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Sunday's trading range was $27.91 (5.55%), that's below last trading month's daily average range of $36.51. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 506.79 today, it is now likely to act as support going forward.
Though the cryptocurrency is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.
Market Conditions for Ethereum/USD Index
|Closed below last periods low||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
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