HomeLive CommentsEthereum breaks higher on risk-on sentiment, bitcoin lags

Ethereum breaks higher on risk-on sentiment, bitcoin lags

Both ethereum and bitcoin follow generally positive market sentiment and rise as another week starts. Nevertheless, bitcoin is clearly lagging behind.

Ethereum breaks through near term resistance at 1783.2 today, as rally from 878.5 low resumes. The sustained trading above 55 day EMA is a bullish signal, so is the bearish divergence condition in daily MACD. Current rise is seen as, at least, a correction to fall from 3577.70. Further rally is expected as long as 1578.96 support holds. Next target is 38.2% retracement of 3577.7 to 878.5 at 1909.5. Decisive break there will raise the chance of medium term reversal, and target 2157.05 support turned resistance next.

Bitcoin also rallies today but it’s stuck below near term resistance at 24949. It has yet gotten rid of 55 day EMA clearly. Nevertheless, there is still upside prospect as helped by the rally in ethereum. Break of 24949 will target 38.2% retracement of 48226 to 17575 at 29283.

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