Ether / USD may rise to 3510 - 3553

Our pivot point stands at 3360.

Our preference

The upside prevails as long as 3360 is support.

Alternative scenario

The downside breakout of 3360 would call for 3288 and 3244.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 3395 and 3382). Finally, the Ether / Dollar is trading above its upper Bollinger band (standing at 3422).

Supports and resistances

3640 **

3596 *

3553 **

3510

3423 last

3389

3360 **

3288 *

3244 **

Number of asterisks represents the strength of support and resistance levels.