Ethereum: general review
29 March 2018, 13:56
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 365.00 |
| Take Profit | 312.50, 250.00 |
| Stop Loss | 410.00 |
| Key Levels | 250.00, 312.50, 375.00, 500.00, 625.00, 750.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 510.00 |
| Take Profit | 625.00 |
| Stop Loss | 460.00 |
| Key Levels | 250.00, 312.50, 375.00, 500.00, 625.00, 750.00 |
Current trend
The cryptocurrency market in general and Ether, in particular, continue to decline.
Currently, its quotes are in the area of 410.00. The external background remains negative. On Thursday, it became known that two Japanese crypto exchangers (Tokyo GateWay and Mr. Exchange) would cease their work due to the inability to comply with the requirements of the Financial Services Agency (FSA) to ensure the cybersecurity of customers. There is a possibility that soon Raimu, bitExpress, and Bit Station companies can follow the path.
Probably, possible pressure from the monetary authorities is explained by the movement of large digital exchanges from Hong Kong. Last week, representatives of Binance announced the opening of the stock exchange in Malta, it will have to exchange cryptocurrency for a fiat currency. On Thursday, the management of Bitfineh announced the movement to Switzerland. This step should increase the transparency of business and strengthen its credibility.
Support and resistance
Now the instrument tends to the level of 375.00 (Murray [-1/8]) and in case of breakdown, it can go lower to the levels of 312.50 (Murray [-2/8], H4) and 250.00 (Murray [-2/8]). However, Stochastic entering into the oversold zone suggests the possibility of corrective growth to the levels of 625.00 (Murray [1/8]) and 750.00 (Murray [2/8]).
Support levels: 375.00, 312.50, 250.00.
Resistance levels: 500.00, 625.00, 750.00.
Trading tips
Short positions may be opened below 375.00 mark with targets at 312.50, 250.00 and stop-loss at 410.00.
Long positions may be opened if the instrument consolidates above the level of 500.00 with the target at 625.00 and stop-loss at 460.00.
The cryptocurrency market in general and Ether, in particular, continue to decline.
Currently, its quotes are in the area of 410.00. The external background remains negative. On Thursday, it became known that two Japanese crypto exchangers (Tokyo GateWay and Mr. Exchange) would cease their work due to the inability to comply with the requirements of the Financial Services Agency (FSA) to ensure the cybersecurity of customers. There is a possibility that soon Raimu, bitExpress, and Bit Station companies can follow the path.
Probably, possible pressure from the monetary authorities is explained by the movement of large digital exchanges from Hong Kong. Last week, representatives of Binance announced the opening of the stock exchange in Malta, it will have to exchange cryptocurrency for a fiat currency. On Thursday, the management of Bitfineh announced the movement to Switzerland. This step should increase the transparency of business and strengthen its credibility.
Support and resistance
Now the instrument tends to the level of 375.00 (Murray [-1/8]) and in case of breakdown, it can go lower to the levels of 312.50 (Murray [-2/8], H4) and 250.00 (Murray [-2/8]). However, Stochastic entering into the oversold zone suggests the possibility of corrective growth to the levels of 625.00 (Murray [1/8]) and 750.00 (Murray [2/8]).
Support levels: 375.00, 312.50, 250.00.
Resistance levels: 500.00, 625.00, 750.00.
Trading tips
Short positions may be opened below 375.00 mark with targets at 312.50, 250.00 and stop-loss at 410.00.
Long positions may be opened if the instrument consolidates above the level of 500.00 with the target at 625.00 and stop-loss at 460.00.
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