Ethereum's bullish scenario
Updated
Etheruem's has been holding well while bitcoin took the beating. But today's drop seems to suggest otherwise. While a lot of people were expecting ETH/BTC to shoot up to 0.15, Ethereum faces major challenges with other altcoin DAPP platforms maturing and moving to their own mainnets. Case in point, TRX and EOS.
EOS and TRX have been holding well, while the older coins have taken some beating. I still feel ETH has some life in it, and it should bounce back from the green area mentioned in the chart. Its an area of confluence, where the uptrend line should hold as support, the retracement matches 78.6% of the recent move up, and then downtrend fib extension 38.2% should act as support too.
I would however enter a trade only when ETHUSD meets the uptrendline and retraces from its first bounce.
EOS and TRX have been holding well, while the older coins have taken some beating. I still feel ETH has some life in it, and it should bounce back from the green area mentioned in the chart. Its an area of confluence, where the uptrend line should hold as support, the retracement matches 78.6% of the recent move up, and then downtrend fib extension 38.2% should act as support too.
I would however enter a trade only when ETHUSD meets the uptrendline and retraces from its first bounce.
Comment
Open Long - $425 to $450 Stop loss - $398.
Target - $540
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