Ethereum (ETH) Made 24% on Ethereum this week, signs of topping.

Ethereum is testing previous support which is now resistance. Unless Bitcoin breaks 6900, there is almost no way we break through.

Therefore, we may start shorting. I have called long Ethereum ever since 215 and short near the 240 area. While we are above the 240 area now, when Ethereum is 150 USD, any short above 200 will be very profitable. I cannot predict the exact number but I believe we are nearing the top.

If you are in a long, you may hold it, but do not open any more longs in this range.

Short:
254 USD

Stop Loss:
260+ manual

260 is where many longs were trapped last time. It will be hard to break through 260 unless a coordinated pump occurs to get it well above which will not happen unless BTC conditions are met. If we break through and hold, I will long as Bitcoin must have pushed past 6900.

Take Profit:
Undecided, as I believe Bitcoin will drop to 3500. Sub 100 Ethereum is very possible.

Thanks for viewing. I have other open trades on XRP that is currently locked in for 4% profit. If that interests you, please check it out.

Comment:

Ethereum has bottomed and will continue higher. I do not know if it will break new highs but I can predict bitcoin will hit 6900.