Been a while since my last look at ETHUSD. Bitcoin and altcoins had been getting robust momentum in last few trading days. Ethereum price against US dollar rally to the current price at $8.44 from last week. Last Tuesday saw it price reached year-low at $5.81. Since then, prices surged thanks to renewed buying interest on Bitcoin and altcoins. The rallying trend was impasse around last Thursday and had since been consolidating along this zone.
Important Technical Analysis
Stochastic and RSI flitted on maximum side
current price – 8.44
high – 22 June 17 2016
lowest – 5.81 August 02 2016
Major Support Level – $7.82
Major Resistance Level – $8.60
From the narrow consolidating pattern, we could at the 2 crucial price levels which provide possibility for entry point. On the resistance level at $10.04 (the previous support zone), Any upward could meet with sizable selling here. So set an entry price around $10 with stop loss at 10.30 and take profit at 11.15.
On the downside, the resistance price level at 6.70 where double bottoms could be a long position entry point. Possible stop loss 20-30 pips and take profit set around 7.80 to 8.60 depends on your risk appetite.
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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.