Ethereum (ETH) Upward Channel Supports at 2,400 – A Quick Outlook
The ETH/USD closed at $2,554.78, after placing a high of $2,696.68, and a low of $2,512.20. The ETH/USD continued its bullish streak for the 12th consecutive session on Sunday, reaching its highest level since June 7, amid the improved market sentiment surrounding the Ethereum network.
This year has been very beneficial for projects running on the Ethereum blockchain, one of the projects sharing the limelight being Livepeer – an Ethereum-based video streaming network that announced that it had raised $20 million in a Series B funding round.
Many big venture capitalists participated in the funding for Livepeer, including CoinFund, Coinbase, Northzone, Animal Ventures and 6th Man Ventures. The latest Livepeer funding will be used to build an in-house protocol for experimentation with Livestream use cases. This news provided additional support to the rising prices of ETH/USD.
Wealthfront Reports $25 Billion in Assets Under Management
Meanwhile, the California-based investment provider Wealthfront, which reportedly has about $25 billion in Assets Under Management, revealed that it was adding Grayscale Bitcoin Trust and Grayscale Ethereum trust to its menu of digital asset investments. This will enable its users to invest up to 10% of their portfolios in newly-added funds, via the company’s platform. Wealthfront has about 440,000 users, and it has shown interest in adding more cryptocurrency options to its services shortly. This news also added to the positive sentiment surrounding the Ethereum network and over the weekend, this pushed the ETH/USD prices towards their highest level in about two months.
Ethereum Rises, Despite Stronger Dollar
Furthermore, the prices of the ETH/USD surged on Sunday, despite the rising prices of the US dollar. The greenback was high on board as the DXY reached the 92.20 level on Friday, gathering its strength back and capping further gains in the ETH/USD. The US dollar was high, as the US Federal Reserve backed traders’ hopes that interest rates will not be hiked anytime soon.
Ethereum (ETH/USD) – Daily Technical Levels
2,479.10 2,663.58
2,403.41 2,772.37
2,294.62 2,848.06
Pivot Point: 2,587.89
Ethereum – ETH/USD – A Technical Outlook – Upward Channel Supports
On the technical side, the ETH/USD is trading with a bullish bias at a 2,580. On the 4-hour timeframe, the ETH/USD pair has closed an upward channel that is supporting the coin at $2,500, along with a resistance level of 2,677. Continuation of an upward trend will only be possible if ETH manages to break above the 2,670 resistance level.
On the higher side, the next resistance for the ETH/USD coin remains at 2,875. The 50 periods exponential moving average could keep Ethereum bullish above the 2,370 level. However, the MACD and RSI are a bit confused, as one suggests buying and the other suggests a selling trade. Therefore, taking a buy position above 2,700 could be an excellent opportunity.
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