In general, most smart contract oriented alts are a "hold" right now until a few positive things play out.
The other major trendline intersecting right at this price level goes back further to December 26, 2016 versus the one that goes back to May 18, 2017. That one has a steeper trajectory so it will be interesting to see what happens here.
I went and charted with Poloniex since ETH price history goes back to 2015 and you can see the next big trendline shows support around $100. This seems unlikely to happen without some kind of major shock so that's very low probability territory though holding one of these two trendlines would seem critically important.
Sell ETHUSD based on a breakdown of BTCUSD below $7700 after falling off the March 2017 trendline on strong momentum and other indicators at market price.
Should BTCUSD not move back to $7700 within the timeframe needed to reflect a breakdown at the trendline then this setup would be invalidated and a long position could be taken though that will need to be considered based on exactly what happens with BTCUSD. So far it's too soon to tell.
This is because:
1) there is huge money invested in crypto and blockchain
2) a move lower would send the entire market and billions into a bear market that could take a long time to recover
3) vested interests should and will very likely do everything in their power to turn this ship around before it takes on a risk of sinking and that more or less involves going heavily into BTC on the idea that a rising tide floats all boats, especially in crypto.
But I don't think the major stakeholders in ETH would think a profit opportunity here would be good overall long term, especially since most are looking at the project as mostly immature tech, and it wouldn't seem logical to push a project with so much unfulfilled potential off the edge of a cliff.
Up 20% from it's low yest.
So I sold. I'll take 20% and liquidate any day in this weird sideways bear market.
Think it'll go up more with all the SEC fud and ICO ads being banned?
Seems like FUD is a good time to buy. Uptrend intact.