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ETH/USD crypto signal - Remain on the short side - 14 May 2018

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Ethereum prices were seen easing back since the past few the days. The decline in the price of Ethereum, along with other cryptocurrencies comes amid what could be seen as a technical correction. Price of Ethereum rallied to highs of 733.52 just before pulling back.

The longer term trend in Ethereum is slowly starting to signal an uptrend in price. As a result, this pullback in price action could be seen as a potential correction ahead of what could be a strong uptrend that will be established.

On the fundamental landscape, there hasn't been much news involving cryptocurrencies which could influence the price in the near term. Reports showed that a UK based firm, Crypto Facilities announced the launch of Ethereum futures. This was the same company that had previously launched Ripple futures (XRP) as well.

While it is still unknown as to the trading volumes, the launch of the Ethereum futures is seen to have bode well for the cryptocurrency as it is slowly shaping up to be a strong contender to Bitcoin.

Later this week, a cryptocurrency conference, Ethereal is scheduled to take place in New York. The conference offers insights into technologies and blockchain development in the cryptocurrency sphere.

Overall, the lack of any bad news is likely to keep price action subdued. From a daily perspective, the main technical level of interest is the support at 562 level.

The cryptocurrency trading signal is in line with our commentary from last week but with a fresh target of 620 followed by the 562 level eventually.

Establishing support here could potentially see a rebound in the near term. For the short term, following the breakout from the rising median line, we expect Ethereum price to potentially retrace back to the 720 level. Taking short positions here to targeting the first support level at 620 is an ideal short term scenario with stops at 745.

crypto trading signal ethusd 14 may 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.