CACM Global and Aeries Rating's, both Partners of Nouvive have found the importance of Ethereum.
Ethereum has a positive correlation of more than 0.65 on average to 89% of all Altcoins in the top 250.
This will mean that if Ethereum fails to bounce at the levels below, we will see a further 30% crash of Altcoins.
What will Happen today?
Nouvive has seen the $318 that we saw on the 17th of August as a Swing Failure Pattern, this means that a failure of momentum made ETH unable to surpass that figure.
The same can be said of the figure of 14th August that we saw $252.
Since then we have been travelling in a range of tipsy-ness.
If Ethereum cannot stablise above $277, we will see it fall to $266.
This $11 fail will mean that we will see all altcoins fall past 30% decreases.
There has been over the past 3 days, a lot of sell side pressure, far more than buy pressure.
There is a bullish MA Crossover, that can be seen on a higher time frame.
Nouvive recommends a sell.
See the levels below:
If You want to sell: Enter a position at just below $278 with a take profit at below $266-258. Increasing Stop Losses as when in Profit.
The first stop loss should be at $279.