Chart Of The Day: ETH/USD

2022.05.13 09:51

Now that the Ethereum (ETH/USD) market has broken out of the long term ascending channel (2021-2022) the market looks poised to make a move to the 1300-1430 level. However, the Ethereum market did challenge (and hold) key support today at the 1779 level which is a 127% Fibonacci extension of the last move higher (which failed at the 200dma). The daily RSI is oversold, and considering we may hold the horizontal support from June/July 2021, my preferred trade would be to sell any rally nearing the 2400 level in the coming days/weeks. Some may want to play counter trend long, but with the sentiment so bearish in cryptos at this time, the better trade may be to “sell rallies” instead.

ETH/USD Daily Chart

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