The Crypto Space Attempts To Put In A Bottom! Ethereum! (ETH) =D

Hi friends! I want to get a quick update analysis out on Ethereum, and this generally applies to most of the crypto space. Looking at the four hour chart, we can see that ETH is making some bottom-like movement. There has been a nice surge higher, off of the 61.8% retrace, momentum is curling to the upside, price action is now above the 200 EMA (in purple,) and is currently testing overhead resistance at the 38.2% retrace. This could be the bottom, but we will need to see some confirmation to be sure. Namely, it would be ideal to see ETH turn back to the 200 EMA, test it and hold it, confirming it as new support, before heading higher. Keep in mind, the bears are still in control, although the buyers are recovering some lost ground. A break back below the 200 EMA will signal a failed breakout attempt, and generate further selling in Ethereum. Looking at the volume, we can see that the most recent volume bar is relatively low, and currently below average. That isn't the best thing to see, on the second candle of a breakout attempt. I will keep you posted, as things develop. Until then, watch that 200 EMA! It's do or die!

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

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-JD-