Ethereum has regained some momentum after dropping more than 70% since the all time high in the beginning of this year.
Ethereum vs US Dollar
Looking at the one day candles we can see that the start of April saw the market action dropping below $400.
In my opinion there was enough open interest in the Ethereum market and a nice little bull run developed.
Well done to the premium members that caught this trade setup.
At the moment I think that Ethereum will most likely follow in Bitcoin steps when it comes to the Dollar.
Support – S1: $500 – S2: $400 – $450 – S3: $360
Resistance – R1: $540 – R2: $580 – $600
Ethereum vs Bitcoin
ETHBTC has started a nice little uptrend and if this momentum continues there could be a very nice break to the topside in the near future.
In my opinion there is strong support in the 0.059 – 0.062 zone, I am bullish on the Ethereum market should prices stay above this.
Should the market consolidate below these levels there will be more blood on the Eth streets.
Higher risk trades that were entered around the 0.055 will be closed should we dip below 0.062.
I think it is important to remember that the price of Ethereum was a mere $4 at the start of 2017, we are still up x10 on the longer term view so more downside could be possible.
Support – S1: 0.062 – S2: 0.059
Resistance – R1 – 0.064 – R2: 0.066
Like they say on the street, “the trend is your friend”, I will wait for the market to break the trend before getting out. Safe trades.