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ETH/USD crypto signal - Possible correction in the making - 30 Apr 2018

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Price of Ethereum has managed to surge higher over the past few weeks. After briefly rising above the $700 threshold, the price of ETHUSD has settled more or less into a range. On the fundamental side, there has been no new developments noteworthy of bring volatility to the cryptocurrency.

The strong consolidation taking place around the 682.00 level of support is suggestive that price action could possibly breakout in either direction. This is evident from the minor triangle pattern seen on the hourly chart.

From the daily chart, the technical outlook shows the formation of a potential hidden bearish divergence on the Stochastics. This possibly indicates that Ethereum prices are likely to post a correction to the downside in the near term. Major technical support is seen around the 562 level which could be tested on a sharp correction.

In order for Ethereum prices to continue to post a rally, it is essential that price action funds support at one of the lower levels. Therefore, a retest to 562 could potentially see the much needed correction ahead of further gains.

A rebound around the 562 region could signal a higher low being formed and thus validates the long term bullish view in Ethereum prices.

In the near term, watching the hourly chart shows that a breakdown below the 683 level and a breakout from the triangle pattern to the downside could signal the correction.

Based on the above, the crypto currency signal is to look for short positions in Ethereum. We would short ETHUSD around 670 targeting 570 with stops at 700.

crypto trading signal ethusd 30 apr 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. 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. All risks and coasts associated with online trading are your responsibility.