Ethereum: general review
17 January 2019, 11:29
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 127.00 |
| Take Profit | 137.50, 150.00 |
| Stop Loss | 115.00 |
| Key Levels | 87.50, 100.00, 112.50, 125.00, 137.50, 150.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 111.00 |
| Take Profit | 100.00, 87.50 |
| Stop Loss | 120.00 |
| Key Levels | 87.50, 100.00, 112.50, 125.00, 137.50, 150.00 |
Current trend
Ether quotes failed to consolidate above the level of 125.00 and were corrected to the area of 118.00 due to the postponement of the update of Constantinople. It was planned that it will occur on January 16 when generating unit No. 7080000 but several hours before it was found out that one of the update elements, namely the EIP-1283 protocol, contains a critical error that allows fraudsters to get access to the Ethereum network users. At an urgent videoconference with Vitalik Buterin, it was decided to postpone the update of Constantinople until a later date, the date of which is to be determined on Friday.
Support and resistance
Now the price has again risen to the area of 125.00 (Murrey [2/8]) and after its breakout, it can grow to levels 137.50 (Murrey [3/8], the middle line of Bollinger bands) and 150.00 (Murrey [4/8]). However, the dynamic depends on the new date of Constantinople fork. If the elimination of errors takes a long time, the instrument can again begin a correction to the levels of 100.00 (Murrey [0/8]) and 87.50 (Murrey [–1/8]).
Technical indicators give ambiguous signals. Stochastic is pointing up. MACD histogram is preparing to go into the negative zone and form a sell signal.
Resistance levels: 125.00, 137.50, 150.00.
Support levels: 112.50, 100.00, 87.50.
Trading tips
Long positions can be opened above the level of 125.00 with the targets at 137.50, 150.00 and stop loss 115.00.
Short positions can be opened after the consolidation below the level of 112.50 with the targets at 100.00, 87.50. Stop loss is 120.00.
Implementation period: 3–5 days.
Ether quotes failed to consolidate above the level of 125.00 and were corrected to the area of 118.00 due to the postponement of the update of Constantinople. It was planned that it will occur on January 16 when generating unit No. 7080000 but several hours before it was found out that one of the update elements, namely the EIP-1283 protocol, contains a critical error that allows fraudsters to get access to the Ethereum network users. At an urgent videoconference with Vitalik Buterin, it was decided to postpone the update of Constantinople until a later date, the date of which is to be determined on Friday.
Support and resistance
Now the price has again risen to the area of 125.00 (Murrey [2/8]) and after its breakout, it can grow to levels 137.50 (Murrey [3/8], the middle line of Bollinger bands) and 150.00 (Murrey [4/8]). However, the dynamic depends on the new date of Constantinople fork. If the elimination of errors takes a long time, the instrument can again begin a correction to the levels of 100.00 (Murrey [0/8]) and 87.50 (Murrey [–1/8]).
Technical indicators give ambiguous signals. Stochastic is pointing up. MACD histogram is preparing to go into the negative zone and form a sell signal.
Resistance levels: 125.00, 137.50, 150.00.
Support levels: 112.50, 100.00, 87.50.
Trading tips
Long positions can be opened above the level of 125.00 with the targets at 137.50, 150.00 and stop loss 115.00.
Short positions can be opened after the consolidation below the level of 112.50 with the targets at 100.00, 87.50. Stop loss is 120.00.
Implementation period: 3–5 days.
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