The chart is the long view on Ethereum
, and boy-oh-boy it is hanging on by a thread. Price is trying to make a triple bottom historically and a double bottom
of this bear market in the 0.0023-0.0021 range. Every time it tries to breakout it gets rejected at the downtrend resistance. Best guess says that the only people that could be selling this much coin would be either be from the ETH team or Augur’s ICO/IPO ETH wallet is being emptied. This is one more reason to take the safe long versus accumulation of a position. If an entity has a lot of coin they can short the market while selling down a very long way.
Considering the EMA
, sloping resistance trend, and final support zone
are all converging it seems far more prudent to go long after the first green line is surpassed. If the final support does not hold there is noting stopping it from free falling to 0.001, and that is not a long you want to be stuck with.
Chart is powered by the SCMR Trends Analysis Suite on Tradingview.com