Long ETHUSD at current levels ($498) post the recent long consolidation. ETH has been a laggard recently due to multiple concerns. But I think the current setup presents an excellent risk:reward potential to get long. Would buy here, looking for a stop if the breakout at $500 fails, cutting the position at $450. But on the upside, would take half off at $560 and letting balance run a bit longer. I believe that should the recent nascent rebound continue in Crypto, Ethereum will see a much sharper bounce as ICOs in general pick up once again significantly and institutional money also looks to buy the big cap names of this space.
Trade closed: stop reached:
Cutting as $450 is given. BTC strength refusing to trickle down into rest of the complex for now so will sit on the sidelines.