G'day friends!
What is going on with Etherium these days? Despite some nice bullish moves on some major alts such as EOS and IOTA, Etherium remains...err, kinda dead! Down over 6% on the week. Could that be about to change?
On the chart I've drawn some significant Fibonacci levels of where we can look for signs of reversal.
The green levels are calculated from the 1-19 Feb move. The yellow levels are from the 1 Feb to 31 Mar move.
We can see where these levels have been respected previously and price has bounced.
Also by zooming out you can see the blue trendline dating back to last year, which would be a good area to find support. This level is somewhat confluent with the fibbo levels between 0.038-0.036. This is an area to watch, however at the moment, I'm just not seeing any convincing price action to suggest a price reversal.
I want to see price hold and show some clear reversal signs before entering long.
If the trendline doesn't hold, then Etherium could be heading lower towards 0.026-0.025.
What are your thoughts on why Etherium is feeling unloved? Perhaps because some of the major projects who were running on the ETH network have now moved on to their own mainnets? I'd love to hear your thoughts?
What is going on with Etherium these days? Despite some nice bullish moves on some major alts such as EOS and IOTA, Etherium remains...err, kinda dead! Down over 6% on the week. Could that be about to change?
On the chart I've drawn some significant Fibonacci levels of where we can look for signs of reversal.
The green levels are calculated from the 1-19 Feb move. The yellow levels are from the 1 Feb to 31 Mar move.
We can see where these levels have been respected previously and price has bounced.
Also by zooming out you can see the blue trendline dating back to last year, which would be a good area to find support. This level is somewhat confluent with the fibbo levels between 0.038-0.036. This is an area to watch, however at the moment, I'm just not seeing any convincing price action to suggest a price reversal.
I want to see price hold and show some clear reversal signs before entering long.
If the trendline doesn't hold, then Etherium could be heading lower towards 0.026-0.025.
What are your thoughts on why Etherium is feeling unloved? Perhaps because some of the major projects who were running on the ETH network have now moved on to their own mainnets? I'd love to hear your thoughts?
Trade active:
So we've got the rejection signal we were waiting for from Etherium, finding support slightly above our target at 0.027, but pretty close!
Price rejected that level and we have a nice large green candle indicating that traders have acknowledged this level.
Price rejected that level and we have a nice large green candle indicating that traders have acknowledged this level.
Comment:
Follow this chart (www.tradingview.com/...erium-Perfect-trade/) for trade updates.