ETH performed very well this past week, we can see that our previous analysis that was done was spot on.
When markets turn bullish it is important to follow the trend, stay long until your stoploss gets triggered, and keep moving your stoploss up as the market prices push higher.
Taking a look at the ETH market for the shorter term view.
The market is currently undergoing a correction and it the quite difficult for most traders to decide when to enter the market in these conditions.
As there are many contradicting indications on the market at the moment I will look at the RSI to show me what the market will do. As it stands right now we can see that the open interest is building and should the RSI jump up and consolidate above 50 we will join the price channel.
Should the RSI stay below 50 I expect the prices to drop and would place buying orders in the 580 to 650 zone.
Please feel free to ask me about my analysis on our Slack.