CM_Trades

ETH running out of steam!!

BITSTAMP:ETHUSD   Ethereum
  • ETH has been on a moon mission since bottoming out near $85
  • We did have a steep pullback on Dec 24 back into support near the 61.8%FIB level and was upward on onward from there
  • We do seem to be losing some momentum here, which was indicated initially by that bearish gravestone doji on Jan 5
  • We continue to trade in this ascending triangle after wicking below it earlier this morning but any close below will see ETH drop down into support near $140-$130
  • If that demand area breaks, we will most likely see $115-$110
  • Bitfinex maintenance is underway so when they come back online, be wary of any manipulation in markets
  • Next upside target is around $175

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