Ethereum (ETH) Price Update: Bounce Off $830 Support Nicely

Hi guys!

As I mentioned on my post yesterday bitcoin's movement will affect all altcoins including ethereum. Ethereum had quite a pullback yesterday and bounce nicely around the support levels I mentioned.

If ethereum failed breaking through this $900 resistance and/or gets rejected by the cloud. The next support level would be around $830 (prior support) - $785 (0.618 fib channel)

So, here are my thoughts on Ethereum for today.

ETH - 12 Hour Chart

Tools used: Fib-Channel, Trendlines and Ichimoku Cloud

Looking at this chart here, ethereum bounce off nicely from $830 support level and currently having a bit of a rally to retest the resistance around $880 price.

However, since bitcoin is making a move (not consolidating) ethereum will certainly be affected. If bitcoin rally continues, the resistance on ethereum around $880 will likely be broken through.

But the ichimoku cloud is showing a lot of resistance around this current price (ethereum is travelling through a thick cloud) so I won't be surprise if ethereum got rejected by the cloud and have another breakdown.

Having said all that, I think bitcoin will certainly decide the price action on every other altcoins. You can check my bitcoin post right here.

Happy trading guys! Hope you make lots of money today!

Disclaimer

You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!