ETH showed us that there is clear buying interest above $1000, before we saw sellers stepping in at $1400.
With the action at $1300 we are testing a strong psychological support level for ETH and the bounce could come here should the level hold.
If $1300 fails as support the higher risk day trader could stack some orders down to $1250 to catch the knife.
The risk is if there is too much selling pressure and $1250 does not hold we will find ourselves back in the $1000 – $1200 range.
The market is very bullish and seeing there is not much trading volume at the moment the bulls could push this one up from here.
The coin has two sides and the bears could also change the direction for us here should they break the $1250 – $1300 short term support zone.
Long term speaking ETH is still a bull and lets hope we get to buy another dip!