Here's a quick look at the 2-day ETH chart. As we can see, the price has been oscillating within the bigger symmetrical triangle, and a breakout would cause a big move either way, depending on the breakout direction! If the price doesn't hold the current purple support, a move to the bottom of the triangle will be next at around 1300$. If DXY rallies, then much lower prices are expected! Remember that ETH is a leading indicator for the overall Altcoin market. If ETH breaks the triangle to the downside, altcoins will get rekt! In my opinion, ETH is going much lower than its current levels. I see ETH at sub 800$ at some point before we see the actual bear market bottom. Trade safe!
------------------------------------------- Key Dates to Watch in March:
10 Mar: US Non-farm Payrolls 10 Mar: Mt. Gox Distribution 14 Mar: #CPI Data Release 15 Mar: #PPI Data Release 21/22 Mar: #FOMC Meeting 30 Mar: GDP Report
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What's a Fair Value Gap?: A fair value gap is the difference between a financial instrument's theoretical value and market value, such as a derivative or security. It can indicate a misprizing opportunity for traders to profit by buying or selling at the misprized level. In other words, there is a gap in the price in which some open orders still need to be filled. The price will return to fill the orders.
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BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!