Ethereum came falling down after trying to wick $2,022 last week and has been a falling knife since.
The price holding up at $1594 (2017 ATH) is the 1st sign of a reversal in the market. This is a very important level of support and if this is lost, ETH is going to come back down to $1435 & retouch the monthly range @ $$1347 - 1373.
ETH is dependent on many other factors such as the price of Bitcoin and the moves that it makes. If Bitcoin can hold the potential support @ $51,000 then ETH in theory should hold the $1594 level and go long from there.
Now if Bitcoin drops down to wick the uptrend and the $47,000 level of support, then ETH is going to retouch the monthly level and hit $1373 again before moving back up. If it is the latter, then the price of all coins are going to be relatively flat going into April and the pump will start in the middle to end of April going into May and June.
SPY just hit new daily highs and ETH is somewhat correlated to that and the markets, let’s see what happens this weekend going into weekly close.
Thank you traders for all your continued support and let me know your current thoughts on the market in the comments below.
The price holding up at $1594 (2017 ATH) is the 1st sign of a reversal in the market. This is a very important level of support and if this is lost, ETH is going to come back down to $1435 & retouch the monthly range @ $$1347 - 1373.
ETH is dependent on many other factors such as the price of Bitcoin and the moves that it makes. If Bitcoin can hold the potential support @ $51,000 then ETH in theory should hold the $1594 level and go long from there.
Now if Bitcoin drops down to wick the uptrend and the $47,000 level of support, then ETH is going to retouch the monthly level and hit $1373 again before moving back up. If it is the latter, then the price of all coins are going to be relatively flat going into April and the pump will start in the middle to end of April going into May and June.
SPY just hit new daily highs and ETH is somewhat correlated to that and the markets, let’s see what happens this weekend going into weekly close.
Thank you traders for all your continued support and let me know your current thoughts on the market in the comments below.
