ETHCNY: Value of Ethereum in RMB is interesting to monitorWe can clearly see when there is smart money interest in Ethereum, simply by watching this chart.
Liquidity is nowhere to be found lately, which is reflected in choppy price action.
I anticipate a slow grind back to the DAO hack kev level above, for the time being, which is why I'm holding longs, without leverage or margin.
I'd be interested in seeing liquidity step in, to be able to trade Ethereum more frequently, since right now, it's clear the market is awaiting fundamental news. The recent fork announcement has been beneficial for bulls, and will likely propel ETH back up to pre-hack levels. If this is to materialize, I'd reduce my long positions or book profits, to then reasess after the dust settles.
If price drops back under the lower blue line on this chart, I'd reccomend closing ETH longs and waiting to buy it lower.
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Ivan Labrie
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
