The bearish case:
We've seen the 850-900 range as a key support and resistance level for ETH. Given that ETH has failed at the 50% fib and at lower end of this range at 840, im relatively bearish on ETH.
Also given the likes of NEO/EOS/ICX, being almost direct competitors to ETH, first mover advantage may be the only trump card that it has left in its arsenal.
The bullish case:
For all those ETH bulls out there, we can observe that ETH has printed a large 'cup'. It takes two prerequisites for ETH to relive its glory days. (1) Find support at 23% fib around the 600-650 price range. (2) Complete the handle pattern, revisiting the 850-900 range followed by the anticipated breakout.
A good trade setup may be to go long at 600-650, with tight stop loss, and patiently wait for its fruition, however, always measure your risk-to-reward ratio. Sometimes, one may enter only on the breakout, but this lowers the R-to-R ratio, ultimately, this is up to the individual. Watch for other indicators such as the MACD and RSI.
Always remember to combine your TA with some fundamental analysis and observation of the larger market situation.
*Not financial advice, and should not be interpreted as such :)*
We've seen the 850-900 range as a key support and resistance level for ETH. Given that ETH has failed at the 50% fib and at lower end of this range at 840, im relatively bearish on ETH.
Also given the likes of NEO/EOS/ICX, being almost direct competitors to ETH, first mover advantage may be the only trump card that it has left in its arsenal.
The bullish case:
For all those ETH bulls out there, we can observe that ETH has printed a large 'cup'. It takes two prerequisites for ETH to relive its glory days. (1) Find support at 23% fib around the 600-650 price range. (2) Complete the handle pattern, revisiting the 850-900 range followed by the anticipated breakout.
A good trade setup may be to go long at 600-650, with tight stop loss, and patiently wait for its fruition, however, always measure your risk-to-reward ratio. Sometimes, one may enter only on the breakout, but this lowers the R-to-R ratio, ultimately, this is up to the individual. Watch for other indicators such as the MACD and RSI.
Always remember to combine your TA with some fundamental analysis and observation of the larger market situation.
*Not financial advice, and should not be interpreted as such :)*