Ethereum Market Overview
Ethereum / Tether
Ethereum has strong correlation with Bitcoin as all other crypto coins too. We have to take this fact into consideration when we start thinking about possible market movements for any altcoins. So, the stable uptrend will be started in this market only after uptrend starting in BTC market.
If we look at the current market, we can note following important signals.
– the price bounced from the support zone between 100.00 and 80.00 levels. This zone will act as a target for a case if ETH continues the downtrend
– the market gave a trend reversal signal based on a bullish divergence . After that the price moved upward and this movement also was supported by BTC
– the price reached SMA100 which is strong resistance line now. It can stop and push the market down, to the support zone at 100.00 level.
Now the market has 2 possible variants for movements.
The 1st variant is based on an idea when the price breaks SMA100 and moves upward. This breakout will confirm the trend reversal in the daily timeframe . The nearest resistance zone between 190.00 and 200.00 levels will be the 1st target for this upward movement. If the market has power for breaking above 200.00 level, we will see the further market growing. But also this resistance can be a good zone for starting a correction but this time for the upward movement.
The 2nd variant is based on the price reversal from SMA100 and falling to the previous lows. It can be done also based on the positive news for BTC , if the money is moved from this market to the most reliable BTC market trying to catch a new uptrend. We also have to think about it before opening any positions for ETH.
If you have any ideas about the future of ETH, please share in comments. I will be grateful for your LIKES!
Source: TW DLavrov