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Taking a look at the Ethereum markets which have really taken a beating lately, this is mostly due to a lot of failed ICO’s liquidating in ETH.
This could cause a bit of a chain reaction, however its important to remember that a high percentage of new business will fail within a year or two, this is also true in crypto. Lets take a look at Ethereum, attempting to find some sort of bottom.
My personal view on the current situation, the Ethereum market is currently stuck in this trading range and will be until we get a break, either to the top or bottom. Momentum is bullish for the time being and the MA’s have given a buy signal, however there is not much volume right now, so I would be prepared for a move in either direction.
Support is currently weighing in at around 0.044 btc, with 0.045 btc acting as support on the very near term, also the zone where the higher risk traders are looking to load up for the possible bounce. Personally I would recommend waiting for the resistance at 0.046 btc to fail, check the price action, and should we consolidate above this zone, grab a bag of ETH for the leg up.
If the market fails to consolidate above the current resistance we will retest the bottom of the channel that I drew on the chart. Safe trades.