ETHUSD still stable above $200. Are we in for a range trading ?
Hi all,
ETH was performing amazing during the last seven days hitting the $220 line twice and moving above it on one occasion on April 30.
The weekend trading started positively for bulls as they moved up to $214 on Saturday in a low volatility day then on Sunday, the coin was rejected at $220, which is the upper end of our next targeted zone and moved down to $209. It was 5.5 percent up for the week.
It is trading lower, at $206 at the time of writing, and was seen as low as $194 during intraday, almost reaching the next support at $190. I think, for now, $200 will provide the required stability, but in the mid-term, it all depends on how bitcoin reacts since I see the correlation between BTC and alts is back in full force. If we move South we will notice that $190 is heavily fortified with both horizontal and diagonal supports + 100-day EMA, which is crossing there.
On the other hand, we already saw the ether trading sideways in the $220 - $200 range for more than 20 days back in July/August 2019, so attention on this scenario.
What I would do is wait for ETH to hit $200 and hopefully hold there then add positions up to $220.
Cheers,
ETH was performing amazing during the last seven days hitting the $220 line twice and moving above it on one occasion on April 30.
The weekend trading started positively for bulls as they moved up to $214 on Saturday in a low volatility day then on Sunday, the coin was rejected at $220, which is the upper end of our next targeted zone and moved down to $209. It was 5.5 percent up for the week.
It is trading lower, at $206 at the time of writing, and was seen as low as $194 during intraday, almost reaching the next support at $190. I think, for now, $200 will provide the required stability, but in the mid-term, it all depends on how bitcoin reacts since I see the correlation between BTC and alts is back in full force. If we move South we will notice that $190 is heavily fortified with both horizontal and diagonal supports + 100-day EMA, which is crossing there.
On the other hand, we already saw the ether trading sideways in the $220 - $200 range for more than 20 days back in July/August 2019, so attention on this scenario.
What I would do is wait for ETH to hit $200 and hopefully hold there then add positions up to $220.
Cheers,
