Ethereum (ETH) Price Update: Closing on 200 SMMA Support around $490
Hi guys!
Here are my thought on Ethereum for today.
ETH - Daily Chart
Tools used: Fib-Channel, SMMA, Stoch RSI and Trendlines
Over the past week or so ethereum has been trading bellow this resistance line (0.618 fib channel) and if keeps going ethereum will likely to retest the support on 200 SMMA.
If eth retest 200 SMMA I think it will likely to bounce to the upside although I don't think it will bounce very hard. However, there is a possibility that eth will continue consolidate and hold above the 200 SMMA also breaking the current fib channel resistance.
And as I mentioned on my previous post there will be a rally on ethereum (stoch RSI cannot be on the oversold territory forever). We'll just have to wait for confirmation on this rally.
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!
Eth can only move up from here after panic sell around Feb 11 and it will bounce slowly up to $700 which may take about a week or two....depends lot on what Bitcoin decides to move up or down.
I think on this kind of market everything depends on bitcoin. Sudden spike or sell off on bitcoin will affect the whole crypto. Alt coins only grow when bitcoin consolidate.
May go down low as $490 til tomorrow night but looks like it will rebound off the support you pointed out and will spike up with Bitcoin on Monday and Tuesday.