Today just a small update on ETH price-action.
Just a couple things I want to talk about today, let’s get straight in to this.
-So first of all I like to start with the support lines, we can see that we have very strong support lines on 368 and 280 USD. Nevertheless, I’m convinced that we’re not reaching 280 in the first couple of weeks. 368 could possibly be an option. But I doubt it! If we look to the lows of ETH, we can conclude that the lows always get higher (in long term). The absolute lows are becoming higher, which is a very sign. I’m not a trader but a long-time investor, this makes me very on ETH. ETH has had a more than 70% correction in the last couple of months but still succeed to stay in the upwards (blue line). That’s something that BTC has failed to do. The cryptocurrency with ‘the lowest volatility’, has failed higher up his lows. (see graph) (so this is the main reason that I think that we are not going under 368). The only thing that’s worrying me a bit is that the past two lows could possibly not be ‘reliable lows’. I say possibly because the of this lows were possibly not big enough, on the other hand is the STOCH RSI telling us that ETH is close to be oversold. The was not big enough to safely speak about a reliable low, nevertheless is the and the boiling bands confirming that this could possibly be a reliable low. This would be a very sign because the upwards trend would continue!
-The volume is also a questionable if you compare it with BTC . BTC its has decreased since February, ETH has had uptrends from the beginning of March until the middle of May.
-The last thing that caught my eye was the ETHUSDSHORT graph, this chart shows us how many people are going short on ETH. This is huge, you can see that we’ve just had an all-time high, this could only go down if the fundamental news stays positive. You can see that the last two times that we’ve peaked that levels, that the shorts went down big time. This could be another great indicator.
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My orders are my thoughts, this is no financial advice!