Ethereum             recently broke a support level at 837.61 and has also closed outside of the bollinger bands for the past 2 days. This stretching of the bands indicates that the price will continue using this bearish momentum for a bit before snapping back and reversing. The support levels that the price will reach next are at 765.81 and 679.56. These price levels were used in the past when the price was consolidating in a tight channel. Pairing these with the 61.8% fib retracement that one of these support levels lies on, this indicates a possible point of reversal/target price for the bearish push. If this price level is broken and the bands continue to be stretched, the price will most likely reach the EMA (200) before approaching the final bearish target at 491.56. If the price reverses after the first bearish target, during the reversal the price is expected to reach the resistance line of 837.61, the price level that the price most recently tested. This price is also around the area of the longer term 38.2% fib retracement level. If the price closes above this, the resistance level and fib retracement level that follow are the shorter term 38.2% fib retracement and 981.29 resistance level .

Important Resistance Levels: $1,216.77, 981.29
Important Support Levels: 837.61, 679.56, 479.59

DISCLAIMER

WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.

CONFLICTS OF INTEREST

GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.

Written by:
Arham Bheda
Senior Research Analyst
-- 
Sincerely,

Cryptocurrency Capital LLC
t.me/cryptocurrency_capital
info@cryptocurrencyfund.us
http://www.cryptocurrencyfund.us
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