In my last few posts on Ethereum I have mentioned the importance of the $310 level. This past week, Ethereum definitively broke through that level and is looking to test support at lower prices.
With this action looking to continue, I will be closely monitoring the price action around support at $265. That level may be the next clue to where Ethereum is headed in the immediate term.
TN Trader
chartist may call this a head and shoulder pattern , but the action on support levels determine the direction. lets watch
Ethereum is currently headed to breakdown much lower as the ICO is actually as an inflationary effect on ether. The additional hundred of millions raised recently is infact harmful to it. Those huge ICOs do nothing but congest the network and also when these people try to liquidate en masse, they also cause the price to breakdown. ICO is currently ethereum's curse.
Thanks for the info! The great thing about technical analysis is that the cause need not be known to limit risk and construct winning trades. The "why" may be the driver, but price is what pays. However, info is always grade as a supplement and for longer term holders can help to build a real investment thesis.
Nice! I will buy more if it pulls back that far
I would watch the reaction at $265 before buying. It could go to $225 :)
Thanks for the comment!
Thanks!
thanks for the info going to invest, good post, followed
About to post a chart for bitcoin as well!