. Daily Crypto Analysis - Ethereum's Rally, Bullish Triangle Sparks Doubling Potential.

Daily Crypto Analysis – Ethereum’s Rally, Bullish Triangle Sparks Doubling Potential.

Daily Crypto Analysis – Ethereum’s Rally, Bullish Triangle Sparks Doubling Potential.

28 Nov 2023

Introduction:

In the dynamic world of cryptocurrencies, Ethereum, with a market cap of around $250 billion, is showing signs of a potential uptrend, driven by a bullish triangle pattern. Breaking the $2,100 resistance level could trigger a bullish trend. Ripple (XRP) anticipates an upward movement after HSBC adopts Ripple for custody. Meanwhile, Bitcoin’s price aligns closely with equities, remaining flat over the past two weeks.

Ethereum:

Ethereum is poised for a potential upswing as a bullish pattern emerges.

The cryptocurrency Ethereum, with a current market capitalization of approximately $250 billion and ranking as the second largest by market size, is showing indications of a potential upward movement. Analysts have observed the formation of a bullish triangle pattern on the Ethereum chart, a trend that has been evolving since mid-2022 following the collapse of Terra.

Investors and traders are closely monitoring Ethereum behaviour, recognizing that breaking the $2,100 resistance level could signify the initiation of a bullish trend, potentially resulting in a doubling of its current value. The market is keenly observing Ethereum performance, considering both the long-term pattern and recent momentum that may indicate a shift in the digital currency’s trajectory.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2021.23 | Negative Crossover | Bearish
  • MA 20: 2042.10| Negative Crossover | Bearish
  • MA 50: 2014.60| Positive Crossover | Bullish

Simple:

  • MA 5: 2017.09 | Negative Crossover | Bearish
  • MA 20: 2052.96| Negative Crossover | Bearish
  • MA 50: 2028.07| Positive Crossover | Bullish

RSI (Relative Strength Index): 45.91| Buy Zone |Bullish

Stochastic Oscillator: 8.03| Sell Zone | Positive

Resistance And Support Levels:

  • R1: 2023.59| R2: 2143.76
  • S1: 1932.72| S2: 1836.00

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 2049.97 | Take Profit: 2143.76 | Stop Loss: 1994.28.

Elsewhere In the Crypto Market

Ripple (XRP) may experience an upward movement following a significant decline over multiple weeks. The positive outlook stems from the decision of HSBC, one of the world’s largest banks, to adopt Ripple as its custody technology. Bitcoin’s price performance remained stagnant over the past fortnight, aligning closely with equities in a tight correlation.

Bitcoin down (0.35%) at 37,118.00, Ethereum down (0.44%) at 2,018.9, Litecoin down (0.38%) at 69.05, Solana down (0.73%) at 55.62, Doge coin down at (1.75%) at 0.77 as of writing time.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Oct) Actual –0.2%, Forecast 0.1%, Previous 0.9% at 06:00.

(USD) CB Consumer Confidence (Nov) Forecast 101.0, Previous 102.6 at 20:30.

(EUR) ECB President Lagarde Speaks at 21:30.

(GBP) MPC Member Haskel Speaks at 22:30.