In our previous analysis, we had recommended opening long positions in Ethereum on $1,000.
It bounced back from $1000 level yesterday, Jan. 27.
Our bullish view is still on Ethereum. The trendline which has offered strong support since Dec. 10 is still holding the price. Additionally, Ethereum is trading above 20-day EMA and 50-day SMA. All of these areas are acting as strong support.
If Ethereum manages to break out of $1285 level which is 78 percent Fibonacci retracement levels of the recent fall from $1414 to $748, we expect a move to test out all-time high again.
On other hands, any dips will find support from the trendline. And again Ethereum will turn negative only on break down of the trendline and 50-day SMA respectively.
It bounced back from $1000 level yesterday, Jan. 27.
Our bullish view is still on Ethereum. The trendline which has offered strong support since Dec. 10 is still holding the price. Additionally, Ethereum is trading above 20-day EMA and 50-day SMA. All of these areas are acting as strong support.
If Ethereum manages to break out of $1285 level which is 78 percent Fibonacci retracement levels of the recent fall from $1414 to $748, we expect a move to test out all-time high again.
On other hands, any dips will find support from the trendline. And again Ethereum will turn negative only on break down of the trendline and 50-day SMA respectively.
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