Ethereum vs US Dollar
Lets dive right in and take a look at the ETHUSD markets today.
Taking a step back onto the 1 Day candles we can see Bear flag staring right at us.
Even though we broke through the short term down trend, the lack of volume is scaring the Bulls away, for the time being. It is important to note that we are trading well below the MA on the 1Day candle and that is confirmation of the longer term Bearish trend.
We have contradiction on the Eth chart as well with the MACD temping us into thinking there is a buy signal coming. The RSI is at 40 which is not convincing but we could see some action if the volume arrives and it pushes past 50 and keeps going.
The price levels to keep an eye out for is $800 – $900. A break above or below this level will show us the direction going into the weekend. Should $800 fail as support it could pay to stack orders down into the $600 – $700 zone.
Ethereum vs Bitcoin
Lets have a look at this market for those that are trading ETH vs BTC.
Ethereum has really been treating its holders with really good gains versus Bitcoin since December last year.
This shows great confidence in the Ethereum market and is worthwhile noting going into 2018.
However the breaks have been put on as many are booking profits in BTC. Lets take a look at the chart.
We can see the sellers stepping in to book some profits in the 0.09 btc – 0.12 btc zone.
Support is looking strong for the time being at 0.09 btc, however I would expect 0.08 btc to come into play as medium term support should the shorter term fail.
This looks like a very healthy correction for the market and we have a possible bullish pendant forming in near future.
Should ETH remain strong above 0.09 btc I will take it as a very strong bullish indicator going into 2018. Longer term speaking ETH is poised for some serious gains by 2019.