So let’s focus on Ethereum…
I have discussed this in our last update and sadly the situation is still a very complex one in Ethereum. We have been hovering below the 1.236 extension at 1828$ and didn’t manage to break above this resistance for more than 8 days now. This is a very bad signal and the market is loosing steam, making itself vulnerable for a possible wave (c) scenario which would push us back into the region of 1400$
Ethereum has still a small chance to pull off a miracle and violently push above the 1.236 and finally the 1.386 extension, which are marked as the red Fibonacci extension zone. To make this clear, should we continue to show weakness in the next few days we will be most likely in a wave (c) and further losses will be the result of this.
I know that this might be confusing for investors, because we are more bullish in bitcoin and don’t cover a possible wave (c) correction there anymore. The only thing we can do right now is to sit back and relax, the market will decide whether scenario will come into action here. Don’t beat yourself up about this too much, such market phases are completely normal and happen!
We will keep you all updated, stay tuned!
Please note that we are already invested in Ethereum since the 15th of June, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGTERM Target: +8’000$