ETHEREUM broke the mid term resistance

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum successfully broke the downtrend line that was putting pressure on his price since the beginning of april.

The break out happened due to a strong jump in BTC , and unfortunately, ETH didn't follow closely: this could also signify weakness.

To consider this breakout a real bullish signal, we should wait for at least a couple of hourly close above the 175$ level.
If this is the case, ETH will probably gain strength and target the 190$ mark in the following days.

If you have a long position, we suggest you to hold that and close it only if we break the two supports line created.
If you want to open long, wait for some more confirmations

WARNING: lot of traders expect a sudden dump in the crypto market in the occasion of the bullish GOLDEN CROSS. Even if this is a possibility, we don't see this as probable as is described by the market.
The fundamentals looking strong, the volume is here. We don't see a gigantic dump to 140$ on eth, and to 4200$ on BTC in the short term

What do you think?

Solid update! I don't particularly love the ETH chart right now because of the mixed messaging it is currently giving.
+1 Reply
BFCMInvest Moon_Rocket_Capital
@Moon_Rocket_Capital, Thanks! We do think ETH is largely undervalued for the long term, that's why we focus a lot on it. But sure, BTC is easier to analyze right now
+1 Reply
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