Ethereum logs a new high for the year at $220. On shorter-time frames, the price quickly reversed to $216 after reaching the psychological resistance level. The price of Ethereum [ETH] at 5: 10 hours UTC on 7th February 2020 is $218.

The long term resistance to ETH is currently at the mid levels of the range around $225. It might form a strong level of resistance. Prominent derivatives and crypto trader, TraderXO tweeted,

$ETHUSD Longing the pullback if the opportunity arises Take profit in Q2

Price broke above the bullish falling wedge pattern on the long-term charts signalling a bullish trend. The top of the pattern is around $365, at the highs around the 2019 bull run.

Moreover, the daily 50-Day and 200-Day exponential moving average is also beginning to form a golden cross with the price.

Price Could to take a Bullish Break

Nevertheless, according to TD sequential on the daily chart, ETH is on a 13 of a bullish count. Hence, a strong pullback or pause in the bull run can be seen with today’s price action. Since, the trend is significantly bullish a pause is more likely.

The oscillators MACD and CMF are bullish along with the other indicators on weekly and daily scale. However, the RSI is now beginning to shoot to over-bought regions.

The RSI on the daily and 4-hour chart has reached to top of the June-July pump in 2019.

The altcoins are strongly waiting for Bitcoin [BTC] to break $10,000. A top in Bitcoin [BTC] could essentially re-direct investors towards altcoins.

Bitcoin [BTC] is looks poised towards the five-digit target with almost all indicators pointing north. However, the increasing pile up of funding rates is now now starting to increase the probability of a long squeeze as well.

Do you think Bitcoin and Ethereum will break to $10k and $250 before a pull-back? Please share your views with us. 

About Author

Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com