Cryptocurrency
by Seth Parker on May 2, 2018

Ethereum Analysis – 800 USD on the horizon

588 USD – that was the price of the Ethereum, when on Sunday, the 20th of April, we wrote about the buy signal on this crypto. The analysis was ready for a morning Monday coffee and in that piece, you could have read that:

“The price is making higher highs and everything looks OK. Sentiment is positive and in the next few days we should see the ETH climbing higher. This optimistic outlook will be denied if the price will come below the 500 USD support but chances for that are limited. „

Ethereum Chart

The price of the Ethereum reached the local highs few days later, when the ETH went slightly above the 710 USD. Since that, we can see a correction. The buy signal is still here though. Correction is really flat and posses no risk for the buyers whatsoever. Our confidence in the bullish sentiment comes from the fact that all the major supports are defended and from the daily candlestick from Tuesday, which is a beautiful hammer.

Today’s price action suggests us that we are getting ready for a major upswing and that the ETH will soon test the resistance on the psychological barrier of 800 USD (red).

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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