After last month's upside breakout and quick rally, ETH is now consolidating in the 225/285 range. The basic target for the breakout remains near 338 which I believe could be reached relatively fast if the short term consolidating area is surpassed on the upside.
On the downside, we should be looking to 225 as a short term support (and buying area) and below that 200 remains as a strong support level in case the current consolidating area doesn't hold.
Strategy:
- The Main Short and Mid Term pattern is bullish, so longs should HOLD, and no short positions recommended until this pattern is invalidated (while ETH remains above 200).
- 338 is the technical target for this movement, so probably a nice profit taking area, at least partially.
- 225 and 200 should be looked as good entry points for long position.
On the downside, we should be looking to 225 as a short term support (and buying area) and below that 200 remains as a strong support level in case the current consolidating area doesn't hold.
Strategy:
- The Main Short and Mid Term pattern is bullish, so longs should HOLD, and no short positions recommended until this pattern is invalidated (while ETH remains above 200).
- 338 is the technical target for this movement, so probably a nice profit taking area, at least partially.
- 225 and 200 should be looked as good entry points for long position.