Ethereum Where Are You Going

The price bounced from SMA100 and moved upward. We can consider this swing low as the bottom of the market. We got the 1st buy signal based on a price reversal from SMA100 and now we have to keep an eye on the price action near the important lines and levels for searching new trading opportunities. The price is at 1000.00 resistance level which is a barrier for further upward movement. The same goes about the downtrend line which can stop the market. If the price reverses from this resistance zone, it will fall to SMA100 again and give us a new buy opportunity based on a new reversal signal.

If the price breaks above the resistance zone, we'll get a signal confirming the continuation of the main uptrend. The breakout above the downtrend line will give us a new buy signal. The profit targets should be at 1250.00 and 1400.00 resistance levels. This upward movement can be used for getting profit mainly based on buy signals from lower time frames. As for the daily chart, we had to open long positions not far from SMA100, and the breakout signal should be used only for adding additional volume to the previous opened trades.

Signals from indicators: MACD lines support the upward movement. DMI is bearish but ADX line falls. It tells us that the bears are not so strong as before. The upward movement with the breakout above the resistance zone is possible, but before it we should be ready to see short term retracement from the resistance to SMA100 and 800.00 support level.