Ethereum Where Is a Bottom

The market reached a strong support level. The price took into consideration 400.00 level and it played as a resistance and support level in the past. Now we should consider this support as the key level. The market dropped a lot and 400.00 level looks interesting for buying. If the market is going to start a new uptrend, the current levels are good for this. If we look at RSI, it's in the oversold zone and confirms the price reversal. If Bitcoin bounces and moves upward, Ethereum will follow it and we'll get new buy opportunities. The market will be able to reach the downtrend line and the price action at this resistance line will show us further market movements. If the price bounces, we'll see a new falling to 400.00 level. Breaking above the downtrend line will give a trend reversal signal and confirm further upward movement. The downtrend line will be good as a profit-target for short term trades opened from 400.00 support level.

Alternative variant: if the price breaks 400.00 support level we should be ready to see further downward movement to 300.00 and 200.00 support levels. But if 300.00 support can be reached quickly, the falling to 200.00 level should be supported by strong fundamental reasons.

Comment:

The market is going to reach 300.00 level.

Comment:

The price moves above 400.00 level and we should be ready to see a new upward movement.