Ethereum had a great run this month pushing up to $900 before we saw the bears taking profit. Most altcoins are facing strong corrections at this point, very healthy for the markets before we push higher.
I see strong support between $500 – $600, with 600 being our immediate support. For long term speculation one could open a small position at these levels as well as placing some order down the line to $500.
Even though the markets are scary for most this week ETH is giving us a major bull flag long term speaking, however nobody can predict the markets and we should be prepared for anything.
Market is currently bearish, if you would prefer a safer trade you could consider waiting for the breakout trade in the $700 – $800 zone.
In my opinion Ethereum is one of the leading blockchain projects at this point and this could be another perfect time to buy the dip. Safe trades!
Feel free to discuss the Ethereum markets with us in Slack.