Ethereum's price action looks to be bottoming out at a psychological support of $430. Heiken ashi is showing a possible trend reversal in the next few hours. While from our oscillators we have a divergence from MACD and a much stronger one from RSI. Bollinger Bands are also showing a weakening trend by price consistently failing to hit lower band. We very well could be in for a trend change on ETH. As a trader, I would recommend waiting for a more confirmation such as price breaking the upper resistance band on high volume or MACD to cross center line. Either way, rest of the day looks green for ETH if it can maintain current support level.
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(Psst, update the chart to see what's happening right now)
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A quick update, I had my stop at $426 and that worked out great. Little to say I was prepared for the worst. Most indicators lined up (although MACD was below center line). One thing I would like to mention is something I have learned from this breakout. I do apologize for wrongly advising you but I would like to give some educational advice that helps us confirm that this breakout is not a fakeout. #1 use bollinger bands to determine next spike (not direction, but volatility). Bollinger bands have a characteristic of "squeezing" once little price action is shown for a given period. This squeezing 90% of the time follows a huge spike in volume. It doesn't tell us which direction, just that a huge price drop/increase is coming. I have to say, bollinger bands worked very well in confirming the most recent price drop.