Ethereum

At the beginning of the week, Ether quotes rose to the area of 160.00 but during the Christmas holidays

Current trend, At the beginning of the week, Ether quotes rose to the area of 160.00 but during the Christmas holidays, the price was corrected. Currently, the instrument is trading at the level of 125.00. In general, the last ten-day growth of cryptocurrency was positively affected by the decline in the US stock market. Against the background of falling indices, some investors preferred to invest in digital assets. However, this process has a limited scope, since institutional investors have not yet fully recognized the cryptocurrency market and are awaiting its precise regulation.

As for Ethereum news, the successful testing of the Red Eyes puncture from the Raiden Network company is worth noting. It will increase the scalability of the Ethereum platform and bring the number of its transactions to 1 million per second. In addition, this week one, of the founders of the currency, Joseph Lubin, noted that the cryptocurrency market had already hit the bottom, therefore, its condition would not worsen.

Support and resistance

Now the price is testing the level of 125.00 (Murrey [2/8]) and, according to the downward reversal of Stochastic, it can continue to decline down to the level of 100.00 (Murrey [0/8], the middle line of Bollinger bands). The key "bullish" level is 150.00 (Murrey [4/8]). Consolidation above it will let the instrument grow to 162.50 (Murrey [5/8]) and 175.00 (Murrey [6/8]).

Resistance levels: 150.00, 162.50, 175.00.

Support levels: 125.00, 112.50, 100.00.

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Trading tips

Short positions can be opened from the current level with the targets at 112.50, 100.00 and stop loss 137.50.

Long positions can be opened above the level of 150.00 with the targets at 162.50, 175.00 and stop loss 140.00.

Implementation period: 3–5 days.

 

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 126.07
Take Profit 112.50, 100.00
Stop Loss 137.50
Key Levels 100.00, 112.50, 125.00, 150.00, 162.50, 175.00

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 152.00
Take Profit 162.50, 175.00
Stop Loss 140.00
Key Levels 100.00, 112.50, 125.00, 150.00, 162.50, 175.00

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