Continue from our previous report on ETHBTC, Ethereum enjoyed a solid rally yet it failed to breakout from the bearish channel. Since then, it surrendered half of its gains and currently floating on 0.00976 exactly in the mid point of the narrowing descending tunnel. Sliding Stochastic indicates dwindling buying interest. The charts suggested a support zone in the area between 0.00925-0.00950. But the more important level is located around the lower support band at 0.00927. On the contrary, sustantial resistance levels can be expected at 0.00983, 0.00990 and 0.0100. Ethereum price must be confirmed on the upside of these price levels as base in order to stage any meaningful rally.

Trade idea
Short 0.00968 cut lose and take profit ratio of 1:2
Long 0.00950 cut lose and take profit ratio of 1:2

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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.