Etherium Analysis (ETH/USD) August 11, 2017

ETH/USD Analysis August 11

Etherium Analysis (ETH/USD) August 11, 2017

In general, I am bullish of most crypto currencies. Ethereum of course isn’t going to be any different, but it does seem to be moving a bit more methodically than some of the others. This isn’t necessarily a bad thing, I believe that breaking above the $300 level on a slow and gradual manner during the day on Thursday is a very positive sign. This shows that there is real conviction and it wasn’t some type of “knee-jerk reaction.” Because of this, I think that buying in small increments on the way up should be the way to trade Ethereum. I think we’re going to target the $315 level next, and will eventually break above there. Look at short-term pullbacks as value in a market that you can add too slowly. I think that the market will eventually break out to the upside, and become more of a “buy-and-hold” situation.

 

Massive floor below

 

I think that the $280 level will be a massive floor in this market. It was previous resistance, and it should now be massive support. I would be surprised if we even fell that far, but if we do I would look at it as major support just waiting to happen. I think Ethereum continues to strengthen against not only the US dollar, but other currencies as well. I have a longer-term target of $325, and I think that you should get several opportunities to add to your position between here and there. After that, it is a bit of a question as to where we go next, but I would suspect that it is most certainly going to be higher. The next logical target would be the $350 level, but that obviously is down the road some bit. If we did break below the $280 level, I think the next support level would be somewhere near the $260 level.

 

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