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March 17, 2018, 03:32:26 PM |
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ETH/USD
Ethereum extended its downtrend as it fell to $568.29 on March 15, close to the February 06 lows of $565.54. This is major support.
We expect the bulls to attempt a bounce from these levels. The pullback will face selling pressure at the 20-day EMA and the resistance line of the descending channel.
If the bounce fails to gain strength, the next down leg in the ETH/USD pair will break below the $565.54 support and move lower to $500 and then to $430 levels.
Aggressive traders can buy a very small position, about 30 percent of the usual position size at $630, if the level sustains for about four hours. The stop loss can be kept at $560. If the price fails to break out of $700, positions can be closed, else please trail the stops higher.
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