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Ethereum (ETH/USD) in Short-term Accumulation with Possible Upside to $500

A week ago, I noted that Ethereum's (ETH/USD) price action suggested further downside to $300 (based on Coinbase price). A week later, price action has been flat, and is possibly forming a rounded bottom. So for now, we will shelf the $300 projection, and anticipate some recovery at least in the short-term. 

ETH/USD 4H Chart

Rounded Bottom - Accumulation

  • Accumulation describes a relatively long period of consolidation after a downtrend. 
  • In the 4H chart, we can see that price has been ranging roughly between $360 and $420. 
  • The low on April 1 has higher lows on each side, giving this consolidation a slight bullish bias. 
  • The 4/9 session price action which held ETH/USD above its 200 4H simple moving average was also a sign that we might be bottoming. 
  • The thing is, even if we have a bottom, that does not mean ETH/USD is out of the woods. The bearish scenario is still live, but we can anticipate some recovery back towards $500-$515 another key support/resistance pivot area. 

ETH/USD Daily Chart

Crypto Trade Board Review - 4/10/2018

Bitcoin (BTC/USD) Trying to Recover, Monitor $6900