Despite Bitcoin's recent upsurge in price, altcoins and Ethereum
seem to be staying relatively stable and unaffected by the BTC's rise. From what I have been able to indicate Ethereum
is still bullish
, forming an inverted Head & Shoulders
pattern if we can break this resistance we could be heading towards the $340 - $350 mark. However, there is still room for a slight pullback to the support level
before a run-up may occur, if Bitcoin
loses some value we could see Ether's price reacting positively as people tend to diversify their money into other cryptocurrency's to prevent losing money from a sell-off.
- Orange Line - Resistance levels.
- Purple Line - Support levels.
As always, trade accordingly.