Hey lovers! Let's take a look at Ethereum, risk vs reward wise.
Eth has been going on a run for the last month or so, naturally following Bitcoin movement. The coin didnt really have any form of ceiling from 390 to 800 but now it does and we can clearly see it bounced off the bottom of that channel (pink lines on the chart). To me there is no way Eth will be able to break past that channel without fighting for it for a little while. FIB wise we got a bounce off the 0.618 and the fibs from the leg up all match up. If you are still in this trade then I would sell now. I think Eth is going back to 717 at the very least. At that point its all about Bitcoin movement since Eth follows what BTC is doing.
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I think it ETH will pull back all the way to (0.382 Fib) before resuming an uptrend.At least, such a healthy pull back would be better for the following rally.
CryptoGCoin
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How are you planning for negative news from the SEC meeting tomorrow? What if they decide to consider ETH a security? This will certainly drop the price significantly ... I'm planning on setting stop loss ... but what price would be good. I've been holding ETH since it was trading at $250 about a year ago.
BeckyDD
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@CryptoGCoin, Anything lower 717 means big trouble for eth in my opinion
roughsoul
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@BeckyDD, i set my stop loss at excatly 717.... it reached 716.95 then went back up fml. hhahahaa