Ethereum

Ethereum: general review, ethereum forecast

Current trend, After the rebound from 100.00 (Murrey [4/8]), Ether attempted to grow and climbed to 125.00 (Murrey [4/8]). The current correction is of a technical nature, since there are no obvious growth drivers, and the situation around the cryptocurrency market as a whole remains negative.

This week, SEC Commissioner Jay Clayton noted that in his opinion, Bitcoin ETF cannot yet be allowed until the problem of price manipulation in the digital asset market is resolved. However, the regulator continues to consider this possibility. A number of cryptoindustry representatives see a positive side in the current decline. For example, Tom Lee, co-founder of Fundstrat Global Advisors, noted that the market is now experiencing "golden days", and after the current recession, the value of digital assets may begin to rise in two to three years. Jeffrey Sprecher, Chairman of NYSE, in turn, expressed confidence that digital currencies would survive and remain a separate asset class.

Support and resistance

In the near future, prices may continue to rise to 150.00 (Murrey [6/8], the center line of Bollinger Bands) and 175.00 (Murrey [7/8]). This is confirmed by technical indicators. MACD histogram started reducing in the negative zone, and Stochastic is directed upwards. The level of 100.00 in the center of the Murrey trading range is the key for the "bears". Consolidation of the price below it may cause a decline to 75.00 (Murrey [4/8]) and 50.00 (Murrey [3/8]).

Resistance levels: 125.00, 150.00, 175.00.

Support levels: 100.00, 75.00, 50.00.

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Trading tips

Long positions may be opened above 125.00 with targets at 150.00, 175.00 and stop loss at 105.00.

Short positions may be opened after the price consolidates below 100.00 with targets at 75.00, 50.00 and stop loss at 120.00.

Implementation time: 4-5 days.

 

Scenario

Timeframe Weekly
Recommendation BUY STOP
Entry Point 127.00
Take Profit 150.00, 175.00
Stop Loss 105.00
Key Levels 50.00, 75.00, 100.00, 125.00, 150.00, 175.00

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 98.00
Take Profit 75.00, 50.00
Stop Loss 120.00
Key Levels 50.00, 75.00, 100.00, 125.00, 150.00, 175.00

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