Ethereum (ETH) Price Update: Will 200 SMMA be Tested?
Hi guys!
Here are my thought on Ethereum for today.
ETH - Daily Chart
Tools used: Trend-Based Fib Extension, RSI and Trendlines
Looking the chart there its probable that ethereum will test the 200 SMMA support around $500 there. And if this support fails to hold the next support will be around $430 which is previous support.
If these 2 support lines fail to hold its a confirmation that the bull trend on ethereum is not intact anymore and will likely go into a bear trend. For how long nobody can tell but looking the previous sell offs the chart looks like a deadcat bounce.
I still think bitcoin is still a better crypto to trade if you trade on the bounce every time the market panic sell because it will bounce for sure and you should profit every time.
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!
Nice charting and simple to easy to understanding description.
Actually, ETH bounces just as predictably and return to BASE meaning bounces back and as readily than BTC after there were panic sells...imo
Being Friday today, ETH will most likely go down 2 more days or so to or below your support shown $430 and around Monday up again than by the next Wednesday or so ETH will be up past your white dotted line where it will be past the BASE I call it in this type of price action.
I think if eth go bellow $430 we might more sell offs since this is the support line on the bull run but we'll see how it goes in the next few days.