Ethereum had quite a jump up today, but it failed to hold those gains as you can see from the 1D chart. Also the accompanying volume was quite low. I can’t find many good signs that suggest now would be a good time to consider a trade, but the MACD and RSI still seem to be constrained. Also since BTC still appears to be in a downslide I am tempted to view the whole crypto market through a bearish lens. There are three points of convergence around the $240-$260 area: support, the main trend line (blue dashes), and the 200 day MA. I will be watching this area for an opportunity to buy. Likewise if ETH continues to rise I will watch for action at the $340 resistance.
Just a quick idea on the 4hr chart, I’ll also be watching for the development of a fractal. Keep an eye on the MACD too in case it decides to flip again.
Just a quick idea on the 4hr chart, I’ll also be watching for the development of a fractal. Keep an eye on the MACD too in case it decides to flip again.