A bullish three drivers patter is forming in the ETH/USD pairing. There is the possibility if could break down and would find support at the $890 and $750 levels depending on volume. This last downturn did not have a lot of volume associated with it so I would look for big volume activity to indicate which direction this will go.
I also think that
ETH
is poised to replace
BTC
as the number one crypto-currency since a majority of other coins are built on the ERC20 token platform. Also, it doesn't cost $20 to send $1 worth of ETH like BTC does. Once the scaling issues for BTC are cleared up (and that may be never) then I might change my mind so I guess we'll just have to wait and see. I have noticed a lot of ETH pairings with other alt coins so it may already be happening.
- Going on break.
I also think that
ETH
is poised to replace
BTC
as the number one crypto-currency since a majority of other coins are built on the ERC20 token platform. Also, it doesn't cost $20 to send $1 worth of ETH like BTC does. Once the scaling issues for BTC are cleared up (and that may be never) then I might change my mind so I guess we'll just have to wait and see. I have noticed a lot of ETH pairings with other alt coins so it may already be happening. - Going on break.
Trade closed: stop reached:
Broke down past the trend line with heavy volume indicates further downward pressure. Looking like we are on the C wave so it's almost over. Look for a bottom at the $750 range.
Comment:
Updated the chart here ->
