ETH successfully broke the downtrend line that was putting pressure on his price since the beginning of April.
What is gonna happen now?
Let’s see it together.
The break out happened due to a strong jump in BTC, and unfortunately, ETH didn’t follow closely: this could also signify weakness.
To consider this breakout a real bullish signal, we should wait for at least a couple of hourly close above the 175$ level.
ETH will probably gain strength and target the 190$ mark in the following days if we don’t fall below the 175$ mark.
This is anyway, likely to happen .
If you have a long position, we suggest you to hold that and close it only if we break the two supports line created.
If you want to open long, wait for some more confirmations
WARNING: lot of traders expect a sudden dump in the crypto market on the occasion of the bullish GOLDEN CROSS. Even if this is a possibility, we don’t see this as probable as is described by the market.
The fundamentals looking strong, the volume is here. We don’t see a gigantic dump to 140$ on eth, and to 4200$ on BTC in the short term
What do you think?
Let us know in the comments.