Ethereum
Ethereum Forecast Today -08/05: Stable at support (chart)
- Ethereum markets went back and forth during Tuesday’s trading session as we continue to eye the $3,000 level with great interest.
- Ultimately, it’s a market that I think continues to have a lot of support in this area because it’s a big, round, psychologically significant number, and I think you have to consider that it’s a market that’s trying to find some sort of bottom.
Bitcoin leads the way
Keep in mind that Bitcoin will continue to lead the way when it comes to all things cryptocurrency, and that of course includes Ethereum. In general, it’s a market that I think short-term setbacks will continue to look attractive, and so it is likely that we will continue to see many buyers ready to jump in and take advantage of “cheap Ethereum.” If we break above the 50 day EMAwhich is just below the crucial $3,200 level, we could then continue to move higher.
In general, this is a market that I think continues to be very noisy and so I think we should look at dips as buying opportunities, but if we were to breakdown below the $2,800 level then we need to have a situation where we could go down to the 200 day EMA, but you also need to see the Bitcoin market falling below its recent level. support level. All things being equal, this is a market that I find noisy, and I think there are many supporters here, but I also recognize that it won’t necessarily be an easy transaction.
If we were to reverse a breakout above the $3,325 level, then it is likely that the market will turn towards the $3,600 level, followed by the $4,000 level. The $4,000 level was a high, and while we’ve already been there, you have to keep in mind that this would represent a 25% gain from where we are now, so it may take some effort to take this step. As it stands, I have no interest in trying to short cryptocurrencies in general.
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