ETHUSD (Daily) – Ethereum awakening

Despite the recent Bitcoin rally, Ethereum seemed to be sleeping and bulls were not strong enough to push it into break of a major supply zone

However, it seems we have got a decision time – either now or never. The level 236.58 represents a significant line and today the market tested it cautiously. However, until the market closes above the today’s highs any buying in will be very risky. 

I would definitely be buying on the break out and adding to longs in case the 240 lvl is retested. With a current uncertainty it can happen any time and the market is ready to spike up to 300+ lvl

The risk of the idea is that the dollar will not weaken further and the cross would stay in the 195-235 range.

 

ETHUSD daily chart

Good luck and remember, be consistent and manage your risk.

Mr TechMan

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