FX.co ★ Ethereum approaches key Cloud resistance.

Using the Ichimoku cloud indicator we try to find where Ethereum could stop its advance and what bulls need to break in order for price to continue moving higher. For now bulls are in control of the short-term trend and will soon challenge Daily resistance.

Ethereum is trading above both the tenkan-sen and the kijun-sen indicators. However price is below the Daily Kumo (cloud). Resistance by the cloud is at $3,355 and up to $3,850. Support by the tenkan-sen is at $2,920 and by the kijun-sen at $2,770. As long as price is above these two levels, short-term trend will remain bullish and the chances of breaking inside the Kumo will increase. Bulls do not want to see price get rejected at the Kumo and break below the kijun-sen (yellow line indicator).