Ethereum: trick-or-treating ?
Hi, Traders ! Monfex is at your service !
Let's make an Update on Ethereum by getting a deep view on its current price action:
* Ethereum has been in tight correlation with Bitcoin and the overall crypto market, but its recent decline is not solely attributed to weak market conditions as a whole, but data also shows that Etheruem has been under selling pressure from the treasury sale of ETH from ICOs.
* Moreover, ICOs still possess a large quantity of Ethereum – that could support the selling stream down the line.
* Technically, ETH has withdrawn from the contracting triangle indicated by blue lines.
* MACD bearish divergence that occurred at the end of the triangle has run out of power since the price has consolidated within the new sloping channel.
* Taking into account ICO's treasury sales, it is hard to tell exactly which direction is preferred over the other. So we need to wait until the technical picture clears out.
Short-term trading strategy
Currently, we adhere to a Neutral position on ETH and are waiting until the price:
1) breaks $186 up, so we start seeking for the bullish entry;
2) fails to exit upwards from the current sloping channel, so we can start accumulating Shorts.
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Let's make an Update on Ethereum by getting a deep view on its current price action:
* Ethereum has been in tight correlation with Bitcoin and the overall crypto market, but its recent decline is not solely attributed to weak market conditions as a whole, but data also shows that Etheruem has been under selling pressure from the treasury sale of ETH from ICOs.
* Moreover, ICOs still possess a large quantity of Ethereum – that could support the selling stream down the line.
* Technically, ETH has withdrawn from the contracting triangle indicated by blue lines.
* MACD bearish divergence that occurred at the end of the triangle has run out of power since the price has consolidated within the new sloping channel.
* Taking into account ICO's treasury sales, it is hard to tell exactly which direction is preferred over the other. So we need to wait until the technical picture clears out.
Short-term trading strategy
Currently, we adhere to a Neutral position on ETH and are waiting until the price:
1) breaks $186 up, so we start seeking for the bullish entry;
2) fails to exit upwards from the current sloping channel, so we can start accumulating Shorts.
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
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