ETH is currently ranging along its current uptrend line and awaiting its next move. My guess is that a short here is not the play but a strong break of 212 to the downside would definitely change my opinion. If that happens I will be targetting the 165-175 area for reentry. As a general rule of thumb, never trade against the trend and in this case, since we are trending up, the more likely scenario will be for ETH to target that trend line and MA50 support around 215, we will likely hold there. a break of the range to the upside will trigger a buy with a first target of 260-265. 312 and 340 would be possible targets as well depending on the strength of the move. Happy trading!
Comment:
sorry about the placement of the "long and short markers" please read my text for the entry points. Stop losses should be placed at the end of the respective ranges.