Ethereum – You are trending on fine lines.
Ethereum has been trending within the same lines for the past 6 Days. This comes as a little concerning, this is unlike Ethereum.
Perhaps, this is for one of two reasons:
- Bitcoin is unsure at the direction that it should be taking: $7200 or $5900.
- Ethereum has fallen by over 40% over the past three weeks and it wants to take a little bit of a breather to figure out the direction it should be taking.
Nonetheless, based on the way that Bitcoin is performing, the uncertainty in the market and other technical indicators, Nouvive issues a SELL for Ethereum.
This is also based on the mere fact that there is a hyphened bearish volume in the market surrounding Ethereum, especially each time it approaches $305. The market does not seem to like this figure.
Based, on the mere fact that it may not like this area, even a false breakout to $320 was promptly rejecting caused the ETH price to go to $280 again.
On this basis, Nouvive sees a possible area where ETH may go for the $280 area again, quite possibly below $260, depending the trajectory of Bitcoin.
Nouvive awards a SELL FOR BITCOIN. This means you can short.
If You want to short: Enter a position at just below $303 with a take profit at below $260. Increasing Stop Losses as when in Profit.
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