ETH continues to demonstrate a strong correlation with BTC!

COINBASE:ETHUSD   Ethereum / U.S. Dollar
Hi, Traders ! Monfex is on the air !

Ethereum is most likely to continue consolidation, alongside Bitcoin .

* Yesterday, Ethereum showed a decent rise towards the Key Resistance Area . Along with that, our projected target level of $190 - $195 was almost hit on yesterday's session, but ETH faced increased downwards pressure, tracing a wick on 1H Doji candle - right under $190.
* Ethereum's price action was akin to that of Bitcoin , meaning that the two crypros are strongly correlated at the moment. ETH has been nearly tracking Bitcoin’s price dynamic over the last couple of weeks, and it seems that the correlation is getting stronger as both crypto’s have entered into protracted consolidation phase.
* Hence, we should not expect any abrupt movements in ETH until BTC starts off showing an agile price dynamic.
* For the time being, the downward pressure on ETH may extend and we assume that the price could well test the area below the ascending Support line ($175 - $180).

Pending trade signal

Buy @ $175 - $180.
Target: $190 - $195.
Stop-loss: $172.

Watch for our Updates to get real-time superior signals!


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.


great idea!
this worked out well
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