ETH Breakout: Next Resistance $860. 2018 ETH Lets Go To The Moon!
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The Ethereum ecosystem is faring slightly better than bitcoin this week in terms of price. One CEO in the crypto industry predicts Ethereum could be worth $6,000 by the end of 2018. Some analysts even project that ethereum could outpace bitcoin and its peers in terms of percentage gains this year.
In fact, there are strong predictions that ethereum could reach $15,000 this year as companies keep building applications on it. Increased adoption could encourage further dapps and therefore liquidity and volumes in this particular market.
While EOS consolidating after huge run up, Ethereum is finaly taking over. However, If EOS breaks to new all time highs, this will be extremely bullish as well. As a matter of fact I love these kind of consolidating patterns. Meanwhile, Ethereum was consolidating in a symmetrical triangle pattern and has already broken higher.
ETH should gain strength and rally to $860 and then to $1,000 as long as $740 holds or even a bit lower. Price has closed past the top of the triangle to confirm that bullish momentum has picked up. In decentralized market this is very bullish. I expect other crypto to fallow in the near future.
On top of that, the 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. This means that the rally is more likely to continue from here. In addition, the 100 SMA has held as dynamic support on the latest pullback and would probably keep doing so.
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