Ethereum is a buy
Updated
Sorry to my followers that I didn't post this last night. I am long on ethereum from the $260 level. This is the weekly chart and, as it shows, we have touched major support and we also have a historically low RSI on the daily. I know a lot of people are bearish on eth but it is my personal opinion that it is one of the best buys around and I expect a test of the 50 week moving average at some point in the future. Hope this recommendation helps.
Note
Needless to say, this trade hasn't gone our way. However, I am still long on ethereum and have built a bigger position from the 220 level. I like to buy when people are scared and right now everyone is scared and sentiment has reached the extreme levels. Ethereum is due for a bounce and I think we may get a big one. I'm posting the ETH/BTC chart so you can see why I think the bounce could come at this level...with everyone so bearish it may be slow to turn but I think we'll end up getting it. Best of luck trading!
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