Hello Crypto enthusiasts!
As many of you already know, ETH is closely correlated to the number of ICOs at any point in time, thus recent uncertainty with regards to 'ICO' regulatory environment is affecting the price movement.The next major event which would affect ICOs is related to the G20 task force recommendations scheduled in July. Hence, I would expect the market to react positively or negatively based on the upcoming announcements.
In the mean time, in the near/short term, as can be seen on the 1 hour chart, the market seems to be consolidating, and thus I believe the price would be range bound with USD 493 as a support level, (intersecting with the 0.764 Fibonacci Retracement which has already been tested twice on April 14), and USD 527 as a resistance level (intersection between the 12 day Moving Average and the 7 day Double Exponential Moving Average on April 16 which has already been tested on April 13, 14 and 16).
It is worth noting that volume on the 1 day chart remains relatively low (below 500k), hence the absence of a clear reversal signal, bringing me to advise caution.
So where would you get in? Depending on your trading/investment strategy and personal preference, I would wait for any bottom confirmation and get in on the rise (1 or 2 green consecutive candlesticks with decent volume , depending on your risk tolerance).
I have been following the market for some time now, but still relatively new to this, so your comments and feedback (including "likes") would be appreciated!
Safe trading to you all!
As many of you already know, ETH is closely correlated to the number of ICOs at any point in time, thus recent uncertainty with regards to 'ICO' regulatory environment is affecting the price movement.The next major event which would affect ICOs is related to the G20 task force recommendations scheduled in July. Hence, I would expect the market to react positively or negatively based on the upcoming announcements.
In the mean time, in the near/short term, as can be seen on the 1 hour chart, the market seems to be consolidating, and thus I believe the price would be range bound with USD 493 as a support level, (intersecting with the 0.764 Fibonacci Retracement which has already been tested twice on April 14), and USD 527 as a resistance level (intersection between the 12 day Moving Average and the 7 day Double Exponential Moving Average on April 16 which has already been tested on April 13, 14 and 16).
It is worth noting that volume on the 1 day chart remains relatively low (below 500k), hence the absence of a clear reversal signal, bringing me to advise caution.
So where would you get in? Depending on your trading/investment strategy and personal preference, I would wait for any bottom confirmation and get in on the rise (1 or 2 green consecutive candlesticks with decent volume , depending on your risk tolerance).
I have been following the market for some time now, but still relatively new to this, so your comments and feedback (including "likes") would be appreciated!
Safe trading to you all!
