Ethereum update #2
Dear fellow traders,It's been a few weeks since our last post about Ethereum and since then, the negative scenario has become the path.
In our latest post we mentioned that the pair was trading below some important supports and moving averages. The pair has only gone down since then and is currently trading at 488.64 dollar, which is 276. 37 dollar less than 3 weeks ago!
But, as we mentioned before, the pair is heading towards a heavy support level at 460. Also the pair as found a new support at 450 at the 18th of march.
Ethereum positions
The pair is however making lower highs which is negative. This could be a descending triangle. If that is the case, the pair could go to new lows at 404 and 202.25 USD/ETH. For now the sentiment keeps being negative and the bulls should look out for their positions. The only positive at the moment is that the sentiment is going up again and the RSI is below the bands which indicates that the pair is oversold.Highly volatile traders could open buy positions at this point for a possible breakout towards the next level at 981.
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