Altcoin Rally & BTC trade sideways leads to Ether price targeting $160

Dropping Rates of Altcoin

Similarly, the Dec. 12 drop to $139 that marked the fourth time of the help that has been tested since Nov. 22. In spite of Ether’s bearish bias, there is an opportunity for a trade that could kick out a 10% to 12% return on investment. If Ether can tear down above the descending trendline and clear the resistance at $150, the price could go through the VPVR gap. Similarly, it would also place Ether price within a few dollars of setting a daily higher high, something not seen since the drop from $163 on Nov. 24. Altcoin remains at the risk of falling to $131.61.

Role of Traders

Traders are going to notice that the moving average confluence divergence shows a steady increase in momentum and the MACD continues to stretch away from the signal line. As shown by the 6-hour chart, the altcoin fights to cross above the twelfth period moving average and the descending trendline. The Chaikin Money Flow oscillator has risen above. For a change, Ether’s set up on the ETH pair is quite similar to the USD pair. The price has also been capped between the 12-point EMA and descending trendline at 0.020190 (sats).

Earlier today Ether price briefly popped above the descending trendline and traders will notice the bull cross on the MACD and that the indicator’s histogram has flipped green and is currently above 0. The relative strength index (RSI) has entered the bullish territory, and at the time of writing, it is climbing above 53. The same can be said for the ETH/USD pair. Traders will consider waiting until Ether clears the descending trendline to set a higher high above $152. Altcoin continues to take advantage of bitcoin sideways trading.