ETH/USD Analysis

The week saw some heated discussions among the Ethereum (ETH) community which led to Afri Schoeden, release manager at blockchain infrastructure firm Parity Technologies, quitting all Ethereum projects.

The United States Commodity Futures Trading Commission (CFTC) has largely received positive comments regarding the Ethereum mechanism. Will this open the door to a regulated futures contract on Ethereum? Let’s keep our fingers crossed.

The ETH/USD pair has been moving up for the past two weeks. It has risen from $103.2 to the current levels during this period. The 20-week EMA is flattening out, and the RSI is gradually climbing towards the midpoint. This shows that the bears are losing their grip.

A breakout above $167.32 will indicate strength and confirm a bottom at $83. Therefore, traders can buy on a weekly close (UTC time frame) above $167.32 and keep a stop loss of $100. If the price fails to sustain the higher levels after the breakout and dips below the breakout level again, it will denote weakness and the positions can be closed.

If the cryptocurrency sustains above $167.32, it can move up to $225, and above it to $255. Traders can trail the stop loss higher as the price moves northwards.