Hi guys!
Here are my thoughts on Ethereum for today.
ETH - 12 Hour Chart
Tools used: Fib Channel and Ichimoku Cloud
As you can see currently ethereum is dumping. Most like because bitcoin is dumping which affect the whole crypto price overall.
However, you can see there ethereum got reject by the cloud even before entering it. And I have a feeling it might follow the shape of the cloud there. I've seen this pattern before on bitcoin but this is just a gut feeling.
I have a feeling that if ethereum breaks down it might find a support around the 0.5 fib channel there around $815.
ETH - Weekly Chart
Tools used: Trend-Based Fib Extension
If you check out my post on bitcoin earlier and compare the weekly chart. You can see that ethereum is less volatile than bitcoin. It dumps less than bitcoin and bounce less than bitcoin.
However, those are the 2 prices that I would consider for a confirmation on the trend of ethereum. Remember I told you about having a plan when breakdown might happen? I hope you have already!
Currently, I don't hold any crypto. I just switched all my holdings these afternoon to tether since I think we might have a dump. Because I don't think either bitcoin or ethereum will rally to the prices where the bull trend could be confirmed.
Happy trading guys! Hope you make lots of money today!
Disclaimer
You know the drill guys. This is just opinion and not a financial advise. Do you own research and decide your own trades. Cheers!