ETHUSD (H4): Target at $164

Bitcoin in trend

Bitcoin (BTC) continues to hold positive. The recent correction failed to bring digital gold to support at $3,881. At the moment, an attempt to reach a weekly maximum near $4084 is visible. Also during the week, there is a clear attempt to form an upward channel, which technically pushes market participants to continue buying.

As for other popular cryptocurrencies, they showed a diversified dynamics of trading. Lightcoin (LTC) this time strengthened by 1% and stopped at $48. The worst dynamics was shown by Ripple (XRP); its daily change was -2% and it is now kept at around $0.3256.

The level of capitalization is still encouraging. The mark keeps around $133 billion, which hints about the further growth of the cryptocurrency market.

Calm news

Tuesday’s news background failed to create a strong influence on the cryptocurrency market. Trading day showed neutrality and the lack of important news. That is why speculative actions dominated the market rather than investments. But it is still interesting to note that due to the generally favorable news background, Cambridge Associates began to pay more attention to the cryptocurrency market. Note that this consulting company is focused on pension funds and long-term investment funds.

This time, Ethereum has been slightly corrected after testing the $151 mark. But a positive signal is that the price chart could not reach the key support at $133. At the same time, being within the ascending channel technically encourages speculators to buy.

Despite the weakness of the news background, there is still the potential for further growth. After the breakdown of the  $151 level, the prospect of reaching $164 opens up.

ETHUSD (H4): Target $164
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