Ethereum: Bullish Divergence and the True Bottom at $1000
In spite of the bullish divergence, which gives a trend reversal signal, we have more than enough reasons to see the continuation of the bearish trend.
Let’s look at the daily chart. We see a new attempt to update the local swing low by moving below the support area. If the bears succeed, it will give a strong bearish signal with the 1st target around $1450. I don’t think it will be the true bottom. We don’t have fundamental factors for the bullish crypto market in the nearest future. And I think we should be ready to see Ethereum at $1000. It is the matter of time.
From TA point, the area between $1000 and $800 will be able to stop and reverse the bearish trend. IF Bitcoin reaches $14 000 - 10 000, Ethereum will reach that support as well.
How to trade?
I would be very careful with all long positions. Yes, the market can move upward for some time against the logic. But there is no much support for the bulls.
I would wait for better prices and use DCA approach.
And what do you think about the TOP alt coin?
Please, share your thoughts about Ethereum in comments. I will be grateful if you support my work by smashing the LIKE button. Thanks for your attention!
Let’s look at the daily chart. We see a new attempt to update the local swing low by moving below the support area. If the bears succeed, it will give a strong bearish signal with the 1st target around $1450. I don’t think it will be the true bottom. We don’t have fundamental factors for the bullish crypto market in the nearest future. And I think we should be ready to see Ethereum at $1000. It is the matter of time.
From TA point, the area between $1000 and $800 will be able to stop and reverse the bearish trend. IF Bitcoin reaches $14 000 - 10 000, Ethereum will reach that support as well.
How to trade?
I would be very careful with all long positions. Yes, the market can move upward for some time against the logic. But there is no much support for the bulls.
I would wait for better prices and use DCA approach.
And what do you think about the TOP alt coin?
Please, share your thoughts about Ethereum in comments. I will be grateful if you support my work by smashing the LIKE button. Thanks for your attention!
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