22. What about Ethereum next weeks

Trading plan Ethereum

Dear fellow traders,

It has been a while since we last wrote a blog on our website. At the moment we are writing a new businessplan for a trading community. We want to bring beginning traders and experts together at one platform. But that is not why we are writing this post, let's talk about Ethereum!

Trading Ethereum

Ethereum is currently trading at 765.01 ETH/USD. Last few weeks the top has been set at 1419.96. Since then the pair got thrown back and the last few weeks even harder. Currently we are in a bear market which means that the sentiment is negative. 

Ethereum technical indicators 

Currently, seen on daily basis, all indicators are negative. The pair is trading below itss 55ma at 946.34 and it's 9ma at 830.06. The only positive ma currently is the 200ma which is at 587.05 at the moment. 

The RSI is also below 50 which indicates a negative sentiment. Bears are still in charge of the chart. A month ago the pair made its low at 555.66 which will be a support line now. If the bears will continue its downtrend, this will be the support level for the bulls. This would be a good opportunity to buy as bull, but keep your eyes open. If the support line breaks, the next support level is at the 200ma as mentioned before. 

Technical advise Ethereum

For now the bulls have to wait till we create a clear green candle starting above the 9ma. When it breaks the 50ma we could go back to the tops at 1224 and 1419.96. 

On the negative side, if the pair fails to break the 9ma and keeps trading below it. The pair could go to the 200ma. If this support level breaks, the next support level is 460. 

Let's see what happened. Have a good trading week ahead.

Team BusinezzTime ©