Ethereum is been traded in a narrow range of about $ 400 for two weeks
In the last review, we wrote about the long-term technical signal for sale.
Now, judging by the daily schedule, there has been at least a corrective rebound.
Relying on the medium-term support area of $ 250- $ 350, Ethereum on the daily chart drew a pattern that often precedes the turn up.
At the same time, the slow moving average of the daily chart (today at ~ $ 425) serves as a short-term resistance.
Considering all of the above, we recommend closing short positions. Or at least protect them with stops.
In case of a convincing growth above $ 425, you can consider the option of opening long positions with a target of $ 600- $ 700 with stops below $ 350.
If the decline resumes, then short positions can be opened on a confident breakdown of $ 350 downwards, placing the stop above $ 425.
Profitable deals and follow our reviews!
In the last review, we wrote about the long-term technical signal for sale.
Now, judging by the daily schedule, there has been at least a corrective rebound.
At the same time, the slow moving average of the daily chart (today at ~ $ 425) serves as a short-term resistance.
Considering all of the above, we recommend closing short positions. Or at least protect them with stops.
In case of a convincing growth above $ 425, you can consider the option of opening long positions with a target of $ 600- $ 700 with stops below $ 350.
If the decline resumes, then short positions can be opened on a confident breakdown of $ 350 downwards, placing the stop above $ 425.
Profitable deals and follow our reviews!
