ETHUSD is approaching our first resistance at 227.98 (horizontal swing high resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) and a strong reaction might drop below this level pushing price down to our major support at 214.70 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement). Stochastic (90,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Ethereum is testing the trend line - Bulls are coming?
CryptoColombia
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It did the exact opposite of your chart.
Victorwu88
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@Cryptanalysis, so, what's your analysis? Time to short ETH now?
CryptoColombia
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@Victorwu88, what we know is the markets follow BTC. When BTC rises, alts usually rise. BTC is likely to hit some resistance in the $7,000-$7,200 range. The safe option is to cash out profits if you made a little in the last day. If you want to try to guess peak, watch BTC. If it fails to break out of the long term trend here we'll get another month of downward trend. If you think it will break resistance here hold Eth. We can clearly see it has an upside of $1400 per coin. So the gains could be significant. My own opinion is the long term down trend will break within the next month. We'll have some sort of rally by the end of the year. These coins aren't going away and I've personally seen banks taking interest and doing presentations internally.