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Ethereum Price Analysis: ETH bulls are gearing up for fresh record to above $1,477

ETH/USD buyers battle the weekly resistance line, currently around $1,357, amid the initial trading on Wednesday. Even so, a two-week-old rising channel and strong RSI, not to forget the receding strength of the bearish MACD, suggest further upside of the quote.

However, the weekly falling trend line, at $1,378 now, guards the quote’s immediate upside, a break of which will escalate the north-run towards the recently flashed all-time high of $1,477.

Should RSI conditions stay away from the overbought area while targeting the record top, ETH/USD bulls can eye for the $1,500 threshold. Though, the upper line of the stated channel near $1,513, may challenge any extra north-run.

Meanwhile, repeated failures to cross the immediate resistance line can drag the quote towards a 100-bar SMA retest, currently around $1,234.

In a case where the profit-booking moves break $1,234, the lower line of the channel and 200-bar SMA, respectively around $1,110 and $1,067, will be the key to watch.

To sum up, Ethereum is destined to please the bulls, as portrayed by the rising channel, but short-term pullback can’t be ruled.

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Bitcoin Price Analysis: BTC bulls to have a bumpy road below $36,450

BTC/USD drops to $32,250, down 1.0% intraday, amid the initial trading on Wednesday. In doing so, the crypto major respects Tuesday’s U-turn from 200-bar SMA amid struggling MACD signals and normal RSI conditions. As a result, the quote’s further weakness can’t be ruled out.

During the fall, the weekly low near $30,800 can act as an intermediate halt before highlighting an ascending trend line from December 30, close to the $29,000 round-figure.

It should, however, be noted that Friday’s bottom near $28,770 and the monthly low of $27,777 acts as extra filters to the south for the BTC/USD bears.

Alternatively, an upside clearance of 200-bar SMA, at $33,050 now, will direct the BTC/USD buyers towards a two-week-old resistance line, at $34,420, ahead of challenging the monthly falling trend line resistance, currently around $36,450.

If at all, the BTC/USD bulls manage to cross the $36,450 hurdle, the record top of $41,987 will only be a buffer during the rally towards the $50,000 threshold.

Overall, BTC/USD remains in an uptrend but key short-term resistances offer breathing spaces to the bulls.

 

Reference: FXStreet