Ethereum is trading at the weekly pivot point against the dollar around the spot of $1.1196 - Ethereum is inside in upward channel. Closing above the major support ($1.1171) could assure that ETH/USD will move higher towards cooling new highs. Ethereum is continuing rising by market cap at 1% in a day, 5.75% in a week, and 33.25% in a month, and is trading at $1.1196 after it reached $1.1171 earlier.
Ethereum (ETH) prices have continued to bump along without any real momentum in either direction, with the market seemingly unmoved by news of social media giant Reddit's latest deal with the Ethereum Foundation. At the time of writing, ETH trades at USD 1.200 and is up by 1% in a day and 5.75% in a week.
Ethereum has been set above the strong support at the price of $1.1171, which coincides with the 23,6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
The market is likely to show signs of a bullish trend around the spot of $1.1171. Buy orders are recommended above the area of $1.1171 with the first target at the price of $1.1203; and continue towards $1.1217 and $1.1236 in order to test the last bullish wave.
On the other hand , if the ETH/USD fails to break through the resistance price of $1,1203 today, the market will decline further to $1,1150 so as to test the weekly bottom - last bearish wave.
Trading recommendations :
The trend is still bullish as long as the price of $1.117 is not broken. Thereupon, it would be wise to buy above the price of at 1.117 with the primary target at $1.1217. Then, the ETH/USD pair will continue towards the second target at $1.1236 (a new target is around $1.1240).
Alternative scenario :
The breakdown of $1.171 will allow the pair to go further down to the price of $1.150.
