Technical Analysis; ETH April 17
- With over 206,209 BTC in 24hr trading volume, the buy and sell demand for Ethereum is still showing no signs of stumbling. Although with how crazy the Volatility is in the crypto market, we would see things take a turn for the worse if this rally is not steadily backed up by buyers.
- At the very current price of $506, I think ETH is on the verge of an upside breakout in the near term thus adding a few positions to my portfolio right at $500 even.
- The price action has been very supportive to the bulls as the price held the $500 support and bounced off of that to $514 levels.
- From the MACD, it seems like the bullish trend is here to stay until further notice, the fast line crossed above the slow line while the histogram disappeared suggesting that the brief downtrend will eventually reverse.
- From the Daily Chart, the DMI's DX is gradually losing its support for shorts falling from 60.2 to 40.1 .The -DI also fell short clearing path for Bulls all the way from 41.8 to 18.9 . There is a bit of uncertainty within the buyers and that will bring about choppy trades before the run resumes.
- For the time being, I am anticipating for higher highs and higher lows with a first price target around $540 to the upside if buyers can break the $515-517 resistance area.
- On the downside, a break down below the $468 levels will bring about a fresh, new wave of punishment.
- ETH must maintain above the $495 support and the 100 hourly SMA to continue higher.
This is not an investment recommendation nor to be representative of professional expertise, but to be used as a forum for opening discussions around trading. All examples and analysis used herein are for illustration purposes only, and of the personal opinions of Cultrix. All examples and analysis are intended for these purposes and should not be considered as specific investment advice. The RISK of loss in trading cryptocurrencies can be SUBSTANTIAL.