ETH - Set to break out passed $400 again?
ETH has dropped around 28% since the beginning of September after it reclaimed its losses from the Jun/Jul correction but is it set to breakout past the $400 mark again? Looking at the techincal analysis for crypto can be difficult as while we all know that market mentality is consistent when discussing investments, the flow of information and fear in the unknown around crypto is far more dynamic, which in turn increases the volatility.
So whats in the charts?
We can see there's a ceiling at $397 but have been on an upward trend since the middle of July with re-testing and finding support at $285.
As ETH approaches our last major resistance it also crosses our 0.5 fib retracement level of $342.
I will be placing a buy order at this 342 level with a stop loss of 1.5% ($337).
Whats your thoughts? ETH to the moon or what is an ETH anyway?
Hope you enjoyed and as always have a great day.
Disclaimer: I am financially invested in ETH and this post does not substantiate as investment advice. Please consult a professional investment advisor that specializes in crypto currency before making any investment.