ETH Day Forecast: Double Figures Imminent
Ethereum – One of the Market’s favourites in 2017 – has now become one of the Markets Stay Aways. The entire market used to be tethered to ETH as 80% of them are ERC20 Tokens that are structurally defined by Ethereum’s Momentum. Nowadays, it is just a fable. Ethereum was one of the markets most dumped coins falling close to 17% before cooling off. Nouvive has awarded ETH a SELL.
What does the technical analysis say?
- ETH has re-tested the $150 area twice over the past several hours before bouncing upwards.
- There are a lot of volume gaps at $159 – MORE THAN LIKELY it will see this area before a fall.
- There mere fact that ETH crashed through the yearly lows of $165 means that it has broken down and we will see a further dump below to $101.
- A look at the fibonacci area indicates that we will see ETH re-test the 0.618 fibonacci area – a fundamental area of cooling before proceeding down. There too are volume gaps there. Nouvive Intelligence sees ETH going to $164 before dumping again.
- $164 is given as likely as a result of the imminent MACD cross-over that will give it enough positive momentum to shoot above the 15 MA line.
Nouvive issues a SELL for ETH with potential short-term trades to long till $164 before shorting.
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