Strong balance sheets from the likes of U.S. majors have coincided with solid Q3 earnings in major banks to boost investor confidence and appetite for risk — Ethereum (ETH) is up today. A price rally for U.S. stock markets that saw stocks hit records has been matched by Ether.
The Dow Jones Industrial Average rose 0.97 percent to close at a record 42,864 on Oct. 11. The S&P 500 rose 0.61 percent to 5,815 points and the Nasdaq Composite added 0.33 percent to a new high of 18,343. Equities and cryptocurrencies got a boost this week from these stock market rallies and from positive earnings from the likes of JP Morgan Chase & Co and Wells Fargo.
Ethereum Eyes Potential Breakout Levels
Also: the positive market sentiment in part comes from the view that the U.S. Federal Reserve will cut interest rates as soon as November. Ether, however, was following this wide trend of rising alongside risk assets. Ether’s price movement also benefited from technical factors.
The cryptocurrency rallied back above their 50-4H EMA but is now encountering resistance at the top trendline of a symmetrical triangle pattern. Should Ether break out above $2,465, there is likelihood for Ether to see the 200 EMA on the 4H at $2,490. But unfortunately for bulls, Ethereum would drop towards $2,390 if a bearish action leads it below the 50-4H EMA.
