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ETH/USD crypto signal - Retest of 708.00 support is pending - 13 Feb 2018

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ETHUSD prices have been moving in a sideways range over the past couple of days. Price action has somewhat remained subdued following the selloff in the cryptocurrencies over the past few weeks. The sideways range seen since early February has seen Ethereum establishing a sideways range between 860 and 708 region.

We expect that Ethereum has another leg to the decline in the near term. This is evident from the fact that the retest of support around the 708 area is pending. Within the medium term, Ethereum prices are expected to establish a base around the 708 region of support following which further short term gains can be expected.

This week crypto signal is ETHUSD, for the near term, we are looking to take short positions in the crypto pair around 840 for targeting the first support at 789 followed by the 708 region of support. The short trade is invalidated if Ethereum prices rise above the previous pivot highs formed around 876.

The downside bias is also seen the fact that price action has breached the short term trend line and Ethereum prices are currently trading around the 840 level.

The anticipated decline to the 708 region of support forms the part of the longer term correction and is part of the strong selloff witnessed last week. Most of the declines in the cryptocurrencies came about due to market chatter about potentially tough regulations being levied against the cryptocurrency markets.

However, prices in the cryptocurrencies can be seen to be stabilizing especially over the past few days since the market chatter had remained quiet. In the short term, traders can take advantage of it and position themselves to the downside as we anticipate a short term slide in prices.

Watch for how Ethereum prices behave around the 708 level of support which could potentially give early indications of a possible reversal in prices around this level.

crypto trading signal ethusd 13 feb 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.