Chart Update: Ethereum Recovery, Needs $325

In my last few post on Ethereum I had become a cautious bull as we saw support at $310 snap, and then $265. The pullback made lows into some solid support at $225 support and those lows have proven steady for now.

More importantly, the lows made in late June help form a new uptrend line in Ethereum (blue line).

If the current formation holds this would appear to be a very constructive pullback. Our larger supports held up when it meant the most and a new up trend was formed, even if it has a lesser slope.

The next important thing the bulls need to achieve in ETH/USD is reclaiming $325. $325 was a 2x high on 6/28 and 6/29. The two day stall at that level help propel us into lower support. With $325 being solid resistance, the market could generate a bullish reaction on buying above $325.

Remember that there is no easy money in the market. Markets are designed to allow the fewest amount of people to make the largest amount of money. Every great up trend has shakeouts to get rid of the week hands so the stronger bulls can make the real cash.

It looks like Ethereum may be back...

TN Trader