Ethereum
$353.54 -1.37%
ETH · 32w

Can Ethereum (ETH) Sustain Its Bullish Impetus?

Ethereum (ETH) has run into an important trend line resistance at a time when everyone is hoping for the beginning of a new bullish cycle. This trend line has previously seen the price begin a major downtrend after rejection. We can also see on the weekly chart for ETH/USD that this trend line was an important support when it was broken in 2018 and Ethereum then formally entered a bear market. This trend line is what stands between Ethereum (ETH) and the next potential uptrend. However, please be advised that the market makers and the whales would try their best to mislead retail traders near-term. So, until and unless there is follow through, it is not worth the risk reward to be chasing the price here. 

The fib time zone on the weekly time frame also spells trouble for ETH/USD because if the price fails to break higher in the days ahead, then it will have to decline much lower to potentially form a new low. There is a very strong probability of ETH/USD declining down to $50 or lower during the next downtrend. If we look at the weekly chart, we can see how the price did the exact same thing as it has done now in 2018 just before the beginning of a brutal downtrend. The big players in this market keep playing these games to trap retail traders and they will continue to do it as long as people fall for them which they always will. We also have an important horizontal resistance around $272. I may have called the top around $277 recently on Tradingview but I would still be very careful because anything could happen near-term. 

When the stakes are this high, no fair play is to be expected. We all saw what happened recently with Ripple (XRP). The rest of the market also saw some naked manipulation recently. It is important to realize that regulatory bodies like the SEC will come knocking at some point. It could be anytime now. Most of such events line up based on what is happening on larger financial markets. This is why we will con...

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