Ethereum (ETH) was propped up by a 5% rally to the upside overnight and the positive momentum has continued throughout Tuesday, with price rising from $170 to the $182 level of resistance.
ETH remains in a more bullish posture than before the weekend, but it ideally needs to break above the 100 EMA on the four-hour chart – which is also residing at $182 – for price action to remain positive.
A bullish break above this level would signal a short-term reversal pattern, with upside targets coming in at $188 and $196.
The $196 level was used as support three times in July before finally breaking down in August. This suggests that it could be quite a stern price point to break over the coming weeks.
The four-hour RSI also hit 67 overnight – its highest point for a month – before falling back down to 63. This suggests that the upside move may need to take a break before attempting to push higher.
Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum. Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy in to his proposal.
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