ETH/USD - ETH holding strong. Momentum still positive!
Ethereum, like Bitcoin (see idea below), dropped on the China FUD, but as you can see this second drop was not as significant with a higher low (see yellow arrows). Seems China FUD is not such a major concern and ETH held well.
Now we're bouncing up again and we have this nasty resistance at $3,200 that acted as support before and not it is a resistance.
Therefore, I can totally see ETH reaching to that level again. If we manage to clear that level we should be in a great place for bulls, if we get rejected we're back on the support line... which is not a good sign as the more we test a support the more likely it will crack and fall.
So we want to avoid that scenario if possible.
Compared to BTC, the indicators like RSI and MACD are weaker on ETH, but ETH has the momentum to change that faster than BTC. So keep a close eye on this price action as it will be decisive for most alts as well.
For now you could explore a long position until we hit our resistance, but my confidence in such a trade is rather low. I'd wait for better entries. Nevertheless buying ETH at $2,700 was a good entry if you plan to hold long term.
Like and follow if you liked this idea.
Now we're bouncing up again and we have this nasty resistance at $3,200 that acted as support before and not it is a resistance.
Therefore, I can totally see ETH reaching to that level again. If we manage to clear that level we should be in a great place for bulls, if we get rejected we're back on the support line... which is not a good sign as the more we test a support the more likely it will crack and fall.
So we want to avoid that scenario if possible.
Compared to BTC, the indicators like RSI and MACD are weaker on ETH, but ETH has the momentum to change that faster than BTC. So keep a close eye on this price action as it will be decisive for most alts as well.
For now you could explore a long position until we hit our resistance, but my confidence in such a trade is rather low. I'd wait for better entries. Nevertheless buying ETH at $2,700 was a good entry if you plan to hold long term.
Like and follow if you liked this idea.
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