IMO we have been trading in this range. 282-345. And this last run we did not hit 345. We should have broken out with all of the good news out. But here we are.... The Volume profile on this daily chart shows green volume with the price going up, and we see Red right before it to bring t down into its range, I think this happens again here. We will get large amount of red volume to balance out and we will see a decrease in price here and then the reverse again, but we wont get above 345. With the large expectation the public has for ETH right now. A lot of sources say this ETH is ready to break out, and the market conditions have been ripe for it. And it has not. I don't think it will. Just another "fake out" here. Good luck out there. Its just my .02 cents on this one. ETH expectation is to much, its to popular of a trade right now.THis alone is reason enough to satay away. Look somewhere else. xxwhitevaderxx approved.
What are the good news? I recall some bad news like 1. the Parity wallet incident, 2. EU warns against ICOs, 3. SEC wants to investigate ICOs...
The indicators are somewhat bullish, even though there are more actions with BTC & BCH. I've been following & shorting ETH (at a loss due to poor timing). I think if it breaks the previous high, it could go maybe to $410 (that is a gain that equals the range from $280 to $345). On the other hand, if in another day it still cannot break this zone, it could retest the support of $280.
Now, I have a post that uses Elliott Wave analysis, and I guess we may be entering the C wave here. However, this is not a traditional market and things change extremely quickly. I have little confidence in my analysis. It is for this reason that I have decided never to short these coins again --- after all, there is a strong bullish bias in this market (new money pouring in every isngle day).
xxxwhitevaderxxx
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@DrJLT, The market sentiment is bullish and that remains here, you are part of this market sentiment and have further validated the point I am making. The opposite is going to happen for this very reason alone. At least we agree on the fact that this is not a traditional market. Good luck whatever you decide. Tha'ts the goal of the game, to win... xx
AlaaElmahdy
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Unfortunately Failure in this may lead to all Time Low
konstantinkoll
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@AlaaElmahdy, the all-time low would be next to 0.
AlaaElmahdy
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@konstantinkoll, 240 is the trivial ATL for ETH sorry to not Mentioning
The indicators are somewhat bullish, even though there are more actions with BTC & BCH. I've been following & shorting ETH (at a loss due to poor timing). I think if it breaks the previous high, it could go maybe to $410 (that is a gain that equals the range from $280 to $345). On the other hand, if in another day it still cannot break this zone, it could retest the support of $280.
Now, I have a post that uses Elliott Wave analysis, and I guess we may be entering the C wave here. However, this is not a traditional market and things change extremely quickly. I have little confidence in my analysis. It is for this reason that I have decided never to short these coins again --- after all, there is a strong bullish bias in this market (new money pouring in every isngle day).