Ethereum exhibits a short-term rising set-up!

COINBASE:ETHBTC   Ethereum / Bitcoin
Hi, Traders ! Monfex is on the air !

ETH is getting ready for a new impulse Up, while BTC stays flat within the consolidation range.

* Ethereum price is backed by the ascending diagonal Support line, with every new Low higher then the previous, signalling of the strong bullish presence on the underside. Based on this pattern, we can expect ETH to continue moving towards the Key Resistance at $190 - $195, though that could appear a truly uphill task.
* If we don't see an upward move in the short-run, ETH could simply continue to trade within a narrow range, similar to bitcoin - until the market receives a critical update.
* On the downside, the Bears could regain control over the market if they manage to force the price down below $178 level. But, for the time being, the technical structure rather assumes an another bullish attempt to succeed.
* Looking at the right-hand chart of ETH ag BTC , we see explicit Long/Short Target areas; however, the price clearly lacks a directional bias so far, mainly due to the extended consolation phases of ETH & BTC ag USD.

Speculative trade signal

Buy @ $180.
Target: $190 - $195.
Stop-loss: $177.

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.


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