Bullish news for Ethereum, but still a long road to recovery

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
We call for patience here! Ethereum (ETH) has seen a 10 percent rise 2 days ago, and after a quick retracement, it's trading around $500 at time of this writing.

The altcoin has likely spiked in response to remarks from a senior Securities and Exchange Commission (SEC) earlier today that the Ethereum network and its decentralized structure, current offers and sales of ether are not securities transactions. The current price is trading at the previous resistance (white line) from 29/May, and where it bounced to $629 on June 3. Now Ethereum is currently correcting after today's rally. Despite this news, there are still many obstacles on the upside waiting for ETH until the previous high of $838: RSI and MACD are still points downwords, the white line acts as a resistance now, and the blue, red and pink lines, along with the upper Bollinger Band are forming a wall in the $546 and $657 range (the 38% and 61% Fib levels). Below the currrent price we have the lower BB at $485, and the purple line along the 78% retracement level, at $467.

If Bitcoin fails to hold the current price levels at $6400-$6500, we can expect ETH to lose the $500 levels as well, and dip to the purple line at $470.

According to VPVR analysis, I see Ethereum has a significant volume at $680-$690 levels. So I think this would be the max ETH can reach in this bullish momentum, and we can go short at those levels. simple moving averages are signaling a bullish cross over. Bears will defend $680 levels and it is a good news for long term holders. If you a day trader use this as general guide to set up your trades, however, If you are planning to enter a long term hold position, I call for patience.


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