In the crypto-currency ecosystem, the aggressive growth of bitcoin has a painful effect on other market assets. Altcoins are under the most severe pressure. In anticipation of easy profit in bitcoin , easy money starts flowing into the market. Ethereum in this case is not an exception and is also under pressure, but unlike others it does not decrease, but firmly holds onto its volumetric axis at the 290-300 level. Let's try to figure out what's going on.
The upward trend was in jeopardy, the three day showed the weakness of buyers and their inability to rise above 315, followed by a decline. The question is whether the price will stay within the upward trend. We are carefully watching the lower border of the .
Continuation of growth is possible from current levels. To do this, it is sufficient to stay at the level of 290 in the region of 38.2% of the . If support at this level falls (280-290), then we are facing a decline to the area of 260.
In order to understand the current situation well, one must bear in mind that the dominant is traded in the range of 280-315, this is where the largest number of positions is opened. Those who do not believe in growth have sold to those who make their bet on it. A confident and long-term direction will be set at exit and fixation outside the boundaries of this trade. In this case, buyers now need to act more actively, as they are closer to dangerous levels, as they can be seen defending their positions during the daily trading.
It is only necessary to pass the resistance of 315 and the mechanism will start moving. Buyers will be unstoppable after breach this level. The next significant resistance will be at the historical level of 400, followed by 485-515. The advice in the ETH / USD pair is definitely to HOLD.
Thank you for your attention and I wish you success in your trade!