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No One Seems to Be Selling Ethereum

Long
TRADESTATION:ETHUSD   Ethereum / U.S. Dollar
Ethereum had a mini-crash over the weekend along with other cryptos, but there’s been very little follow through to the downside.

The first thing jumping off the ETHUSD chart is the low just below $2,000 on Saturday night. Prices held that level and have been working higher since. That’s a sign that more buyers could be lurking below $2,000 than potential sellers.

The level was also important because it was near the February peak. Is old resistance turning into new support?

Third, notice the higher low on March 25 versus the February 28 trough. That pattern played out to form a bullish ascending triangle . ETHUSD started April with a breakout and is now holding its consolidation zone immediately after.

Finally (and perhaps most important) Ethereum continues to show improving strength against Bitcoin . ETHBTC has been grinding higher all year. Its price action in the last month has been characterized by tight consolidations with few pullbacks. That could reveal a cohort of determined buyers and few sellers.


As the old saying goes, never short a dull market. Right now, the price action in Ethereum is surprisingly boring.

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Comments

Its absolutely foolish to sell ETH. The fundamentals of Etherium are very strong, very likely it will surpass Bitcoin.
Reply
etherium holders are not fools they know the potentional of this coin and they bought this for long not for day trade.

this is what all coin holders should do and not do what whales want.
i cant understand people selling their btcs below 55k cause some rich institutes manipulated the price.

wp etherium holders i hope you have some nice profit in future its time etherium to go bigger and kick corrupted btc down
Reply
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