ETH price analysis – Again stable in the upward pointing triangle pattern

In the wake of the recent head-to-head race with Ripple, Ethereum’s price climbed to an all-time high of 729.55 EUR (876.09 USD).

Bitcoin revolution went up this week

Since December 11th, the Bitcoin revolution has been moving in an upward triangle pattern, which looked like a scam according to onlinebetrug and will leave on January 15th at the latest. The short-term support is 686.00 EUR (823.80 USD), the short-term resistance 730.77 EUR (877.56 USD).

Yesterday the neck-and-neck race between Ethereum and Ripple was mentioned. Although currently Ripple has secured its position as the second largest market capitalized currency, the rally has also gone well for Ethereum: A new all-time high of EUR 730.77 (USD 877.56) was reached. However, this currently represents a very stable resistance, which has stood in the way of a further rise since yesterday.

The MACD (second panel) is positive, but due to the current stagnation the MACD line (blue) is below the signal (orange).

The RSI (third panel) is bullish with 59.

The movements on the 60min chart speak a bullish language. The most important support of the week is described by the support of the uptrend followed for several days, which is currently at 686.00 EUR (823.80 USD). This week’s most important resistance is currently being tested and described by the new all-time high of 730.77 EUR (877.56 USD).

The Bitcoin loophole long-term price trend

We want to look at how recent Bitcoin loophole price developments can be interpreted in a wider context. The first thing to look at is the 240min chart on:

If the current all-time high is taken into account, the price since mid-December can be interpreted as an upward pointing triangle pattern, which is followed until January 15th at the latest. According to this interpretation, the resistance would currently be tested.

The MACD is positive according to the development of the last few days, as is the MACD line above the signal. The RSI stands at slightly overbought 73. In the medium term the situation is bullish, but the overbought RSI has to be considered. Most important support is described by the support of the Triangle pattern and is 624.22 EUR (749.61 USD). The resistance is described by the highest point of the triangle pattern and is 756.11 EUR (907.99 USD).

To put the developments in a long-term context, we will close with a look at the 1D chart:

Let us recall the triangle pattern that dominated the second half of last year. This was overcome in November. Since then, the price has risen in two big pushes. The MACD is positive, as has the MACD line recently crossed the signal. The RSI is bullish with 70.

Overall, the long-term forecast is bullish. The most important support is described by the support of the uptrend. At 559.12 EUR (671.43 USD), this support is currently at the same level as last month’s exponential moving average. A real resistance cannot be indicated in the current development.