kevzingis

ETH slight rebound, still a lot of work ahead

COINBASE:ETHUSD   Ethereum / U.S. Dollar
ETH has been stuck in a downtrend (shown in orange) since the $1400 ATH on 1/13. Keep that in mind before deciding that ETH has suddenly become bullish . ETH has four different sources of resistance; the upper part of the orange downtrend, the pink resistance line, the maroon 20 EMA of the Bollinger Bands , and the blue 50 EMA . ETH finds support around $500 shown with the light blue dotted line.

The pink and light blue circles are justifications as to why the support and resistance were placed where they are. The $500 support was an important price for ETH and it has rebounded from it after briefly dipping to about $450 on 3/18.

ETH has consolidated for about a week around the $711 price from 3/08 to 3/13. ETH will have to break through that resistance before any judgment can be made as to the validity of this brief rebound we are currently seeing.

We are approaching a potential bullish crossover in the MACD after flirting around the -80 range.

ETH has been sliding on the bottom portion of the Bollinger Bands since 3/07 and really widening out the bands. Wait to see if ETH consolidates and narrows those Bollinger Bands before entering.

ETH clearly has a lot of work to do to make up for the massive slide since the start of this year. Pay attention May 14th. Coindesk will be holding a Consensus Event with big financial/tech players like Deloitte, IBM , and Microsoft . This event is obviously not a sure indication that prices will rise but is an important date to consider.
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