Ethereum: Market Review and How to Trade
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Let's talk about Ethereum, the coin which added in value about 8% for one day.
If you look at the daily chart, we will see a reversal from the support zone and a strong upward movement. The support zone was formed by SMA50 and 230USD support. The price broke the 250USD resistance and we got a new swing high. We can say that the market continues the uptrend.
MACD and DMI confirm support buyers and tell us about their strength. RSI is bullish, but the line is going to move above 70 level. It will give us a signal that the market is going to become overbought. Also, the price reached the previous uptrend line, which now it is acting as a resistance line. We should be ready to get a pullback from this zone and a downward movement to 250USD and SMA50. If buyers can push the price above this trend line, the next target will be 288.50USD.
How to trade? If we talk about buying, the best entry zone was at 230USD support. If you missed that buying opportunity, you should not open a long position right now. You will have a good opportunity to face the pullback. I think the better idea will be to wait for the pullback and buy from support lines and levels using reversal signals in different timeframes. The nearest support zone is 250USD. SMAs in the daily and hourly timeframes will be good for buying as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If you look at the daily chart, we will see a reversal from the support zone and a strong upward movement. The support zone was formed by SMA50 and 230USD support. The price broke the 250USD resistance and we got a new swing high. We can say that the market continues the uptrend.
MACD and DMI confirm support buyers and tell us about their strength. RSI is bullish, but the line is going to move above 70 level. It will give us a signal that the market is going to become overbought. Also, the price reached the previous uptrend line, which now it is acting as a resistance line. We should be ready to get a pullback from this zone and a downward movement to 250USD and SMA50. If buyers can push the price above this trend line, the next target will be 288.50USD.
How to trade? If we talk about buying, the best entry zone was at 230USD support. If you missed that buying opportunity, you should not open a long position right now. You will have a good opportunity to face the pullback. I think the better idea will be to wait for the pullback and buy from support lines and levels using reversal signals in different timeframes. The nearest support zone is 250USD. SMAs in the daily and hourly timeframes will be good for buying as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Ghi chú
The price buyers are pushing the price to the important resistance zone. It will be logical if they fix the part of profit at 300USD and we will get a pullback. Let's see how it will be within several days. Ethereum looks like a very strong market and I think it has the potential to reach even 500USD within several months. Now buyers are in control of the market and it is obvious. 
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