The opening of the week: is it worth the long trades Ethereum right now?

Price Ethereum moved into the consolidation phase after the recent rise to $ 220. We will remind, on the eve of the cryptocurrency managed to break through some major resistance levels, but it failed to gain a foothold above $ 220. However, the hope is still there. The Ethereum can grow in the medium term, if in the near future will not fall below $ 206.

The General situation looks like this:

  • asset went through a correction after the growth up to 222 USD;
  • on 4-hour chart formed an uptrend with support in the area of 208 USD.
  • the coin is unlikely to fall below $ 206 in the coming days.

At the moment Ethereum is trading around $ 211. In the past 24 hours the cost Aldona virtually unchanged. Market capitalization is at a level 21,79 billion dollars, while daily trading volume was in excess of 1.49 billion.

Technical analysis

Last week the buyers got control of the situation on the market and pushed the price above the resistance at $ 210. As a result, the Ethereum even for some time was above $ 220, now cryptocurrency settled above the 100 SMA (on a scale of 4-hour chart). In the same area is the line of the uptrend.

At the moment the asset konsolidiruyutsya in a narrow horizontal channel. During his fall to a local minimum on the line 206 $ Ethereum has broken Fibonacci level of 0.23. A little later, the bulls failed to get above 214 dollars.

Image source — NewsBTC

Now traders should monitor the 100 moving average SMA. Its intersection will be the signal for opening short positions. At the moment the air is possible long trades with a stop loss just below $ 206. Technical indicators, unfortunately, do not give a clear picture of the situation. MACD almost bullish zone, while the RSI is located on the middle level.

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