Ethereum is the strongest cryptocurrency during today's session, gaining over 4.5%. Ethereum is catching up with yesterday's moves on Bitcoin, which gained almost 11%. By comparison, Ethereum rose by about 6% yesterday. As one can see from the technical situation, the head and shoulder formation is likely to be negated. At the moment, price is testing the potential right arm of the formation. Moving above the 61.8 retracement is likely to change the short-term outlook for the market.
Nearest resistance lies at $ 1,175, which coincides with the 61.8% retracement. Another strong resistance is located at the $ 1,250 level and coincides with 78.6% retracement. Source: xStation5
Traders can take long positions if they expect prices to rise and short positions if they expect prices to decline.
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