ETHUSD (Ethereum) – Week 21- Watching the trendline/resistance

A British Member of Parliament favors Ethereum over Bitcoin and has urged the government to allow citizens to experiment with cryptocurrency. On Wednesday, Tom Tugendhat, MP for Tonbridge and Malling, used a speech titled "Affordable and Safe Housing for Fall" to share his prediction that Ethereum will "flip" the market capitalization of Bitcoin.

Despite the turbulence in the market regarding Bitcoin, institutional investors appear to have increased their holdings of Ether (ETH) and other alternative cryptocurrencies, with inflows to crypto asset investment products totaling $48 million when Bitcoin is excluded.

Technically, Ethereum broke the blue trendline on the daily timeframe and we think this means we will make a bigger correction. As the price structure develops on the smaller timeframe (4h) for this pair we expect a move to the upside to reach the resistance area at $3k USD and then we will decide what the next move will be.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.