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ETH/USD crypto signal - Stay on the long side - 09 Apr 2018

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The cryptocurrencies were seen posting some gains over the week but in a gradual fashion. The week was rather mixed with some government authorities ramping up the rhetoric on banning cryptocurrencies.

The latest to join the bandwagon was India. Officials announced over the weekend that banks would prohibit dealing with or providing services to individuals or business that deal with cryptocurrencies. The ban meant that cryptocurrency traders in India would find it more difficult to pay via their bank accounts.

Meanwhile, some large hedge funds were considering jumping into the cryptocurrency market. The latest of them was George Soros. The Soros fund manager, Adam Fisher was reportedly given the green light to trade the cryptocurrencies. The news comes after previously Soros said that cryptocurrencies were in a bubble. Bitcoin prices were seen falling over 41% since his comments in January.

From a technical perspective, price of Ethereum continues to slowly push higher as the signs of a bottom formation looks to be taking place. ETH was seen trading around the $400 handle at the time of writing and we continue to maintain the long position.

In the near term, we expect to see the consolidation taking place around this level but we do not expect further declines. The initial target mentioned from the previous week was at 461.

It would be ideal to build the long positions at the 400 level with the scope of extending the target to 720. This level marks a 38.2% Fibonacci retracement level of the previous large correction.

The price area around 720 also coincides with a previously established support level that had given way. Therefore, we expect ETHUSD to extend this counter rally to this level. As for the stops, we continue maintaining the stops at the 360 level for the moment.

ethusd signal 09 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.