Current market fall caused by BTC price decrease affected ETH market. However this decline will form reversed H&S pattern. This combined with indicators status will force the price move up till it reaches previous heights. Before this happens we expect a little drop to Fib 0.786 support level around $640. Overall the market seems to be fine and should be bullish...
After having made a strong rebound on the daily trendline (orange) last week, ETHUSD will probably reach the 920-980 area this week. At this level we expect a reaction on the oblique resistance in order to target a new test of the daily trendline in orange on the chart.
ETHUSD seems to consolidate in a horinzontal channel between 600 and 745 but with crypto... We always have surprises. We think that the pair could become bearish below 600 in order to reach 400 but in case it goes above 745.00 the next target would be 1000.
ETHUSD is inside a horizontal range between 400.00 and 475.00. A breakout of one of these key levels could give a medium-term orientation but we think that the pair remains bullish so we bet on a breakout of 475.00 which could lead the pair to 550.00 soon.
It is time for price correction. Sell: 399$ Target: 355$ Profit: 11%