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ETH/USD crypto signal - Bearish to the downside - 26 Mar 2018

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Signal Details
Entry Price: 
508.81
Take Profit: 
461.12
Stop Loss: 
537.00
Direction: 
Sell
Result: 
Profit
How we trade
5/5 of 4 ratings

ETHUSD price continued to post a gradual decline which only started to accelerate over the past few hours. As previously mentioned, Ethereum prices, along with other cryptocurrencies has been in a long term bearish trend. This is evident from the bearish price action within which Ethereum prices have been trending lower.

Although ETHUSD price attempted to post a bounce which triggered a series of news reports about what could be a potential bounce in the crypto markets, the failure to post any significant gains falls in line with our view. In the near term, we expect Ethereum prices to continue drifting lower.

Further declines are expected to push Ethereum prices closer to the $300 handle, but it will eventually happen gradual. As a result, the cryptocurrency trading signal is to remain on the short side of the trend and in line with the overall trend. In the near term, watching the 4-hour chart, we see that with the price level around 508.81 being breached, we expect the near term declines to post a rebound back to this level.

This makes for an ideal level to short Ethereum around 508.81 region targeting the lower support at 461.12 level. The trade becomes invalidated if price action manages to break the first trend line to establish support near 537.00 level. This could potentially mark a steeper upside correction towards the 580.75 level.

crypto signal ethusd 26 mar 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.