It back to red territory for Ethereum (ETH) bulls. Overly, our Ethereum (ETH) plan is still solid and as such, we shall still maintain a neutral overview until after our trade conditions are met.
- The smart contracting and dApp network, Ethereum, celebrates its third year of operation since the launch of the Frontier. Frontier, was launched on July 30, 2015.
- Following the Chilean Court of Appeal decision directing banks to work with cryptocurrency exchanges and reinstate closed accounts, Flow, a crypto payment service and Cryptomkt, a cryptocurrency exchange now has a partnership that will see customers pay using ETH, BTC and XLM at more than 5,000 PoS points.
- Constantinople, the second stage of the Metropolis project specifically meant to strengthen the network, bring efficiency and lower the cost of on-chain network transaction, will be effected in 60 days. It’s currently under test and will mark the second of the 3-phase roadmap of Ethereum. The last being Serenity.
- Taking advantage of the booming cryptocurrency peer to peer trading in India, Huobi stated clearly that they are willing to support Indian investors and have plans of opening free P2P trading channels for ETH, BTC and USDT in exchange for INDR.
- Andreas Antonopoulos, the renowned Bitcoin Evangelist is interested in Ethereum. Plans on releasing a new book, Mastering Ethereum.
Ethereum (ETH) Technical Analysis
It’s back in the red for cryptocurrencies and Ethereum in particular. On a week over week basis for example, the coin is down three percent and odds are we might see further losses. In this time frame, we shall refer to week ending June 24 bear candlestick and trend setter.
While prices didn’t dip after that high volume candlestick, prices didn’t gain but what we have been seeing is a horizontal consolidation with ETH prices oscillating within a tight $200 trade range between $350-2018 lows and $550-week ending June 24 highs.
What concerns us for now is $400 or June lows as it is our sell trigger.
Technically and in line with our previous Ethereum (ETH) trade plan, we shall take a neutral approach until we see break outs above or below this mid-range accumulation. Ideal bull and bear first targets are at $850 and $350 respectively.
Here, it’s easier to see the consolidation aforementioned before. Generally, we expected prices to edge past $550 but instead ETH bulls found resistance, moved within a descending wedge and are likely to close below the minor support line of that wedge today.
To tap this subtle bear trend continuation set in motion by June 10 break below $550 support, I recommend small size Ethereum (ETH) shorts once prices cross the $440 line with immediate targets at $400 and later $350.
However, risk on and conservative traders should wait for high quality break out calls above our key resistance and support lines before selling or buying on every pull back.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.