I'm seeing that we've had a bearish breakout from the local Ascending Triangle while potentially remaining bullish in the longer term formation.
It seems like we will either see a retest of $620 if we remain above the trend line in the larger formation, however time is running out before the bears will win out.
It seems there is a moderately strong support line near $500, however take note that recent tests have been fairly volatile.
Beyond this we're looking to support around $400 that should be fairly strong.
Personally I will be surprised if a bearish breakout of the larger formation took us below that $500 support considering staked ethereum has changed the marketplace since the resistance was flipped.
Unfortunately, given Phase 0 launch was a relatively small milestone from a network performance and economy perspective, I believe staking and maybe a bit of excitement about the upcoming pooling opportunities are the only forces that could decouple $ETH from $BTC. There's some hype about Visa news, but I think all of these factors will result in a continued dependence on $BTC trends for the time being.
I've got to say I really believe in this project and the vision it provides of the future of this marketplace. I would love to see more genuine investment for the good of the technology, however I think it's time to hope for the best but prepare for the inevitable exhaustion of new enthusiasm while we await more profound milestones.
I'm an amateur trader and hobbyist analyst, so please do your own research and have a solid plan to trade based on as much information as possible.
Good luck!
It seems like we will either see a retest of $620 if we remain above the trend line in the larger formation, however time is running out before the bears will win out.
It seems there is a moderately strong support line near $500, however take note that recent tests have been fairly volatile.
Beyond this we're looking to support around $400 that should be fairly strong.
Personally I will be surprised if a bearish breakout of the larger formation took us below that $500 support considering staked ethereum has changed the marketplace since the resistance was flipped.
Unfortunately, given Phase 0 launch was a relatively small milestone from a network performance and economy perspective, I believe staking and maybe a bit of excitement about the upcoming pooling opportunities are the only forces that could decouple $ETH from $BTC. There's some hype about Visa news, but I think all of these factors will result in a continued dependence on $BTC trends for the time being.
I've got to say I really believe in this project and the vision it provides of the future of this marketplace. I would love to see more genuine investment for the good of the technology, however I think it's time to hope for the best but prepare for the inevitable exhaustion of new enthusiasm while we await more profound milestones.
I'm an amateur trader and hobbyist analyst, so please do your own research and have a solid plan to trade based on as much information as possible.
Good luck!