Ethereum Key Level
Updated
Let's look at the 4H chart. Based on this time frame we can see that the market moves in a down trend. Price broke the uptrend line 1 and dropped lower. It was a signal that probably the market was going to move to 200.00 support level. If price reaches this level, we'll have to watch with more attention on price action near this zone. The key level is 200.00 and if the market can break it, we'll be able to see down movement to the uptrend line 2. But if price reverses from this level, we'll have great buy opportunity. Buying from this support will allow us to make huge profit. If you already have long trades opened on levels lower than 300.00, you can hold them or just close a part for buying near the support zone. Don't forget that all new buy trades must be opened only after getting confirmed reversal signals. For confirmation that the down trend is over, the market must break the downtrend lines. When we have a such situation, we'll be able to add new buy trades based on a breakout signal.
Note
The market falls to the key level. Watch for price action near 200.00 level. If price reverses, we'll have a new buy signal.
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