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ETH/USD crypto signal - Target remains to the upside - 23 Apr 2018

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Signal Details
Entry Price: 
640
Take Profit: 
720
Stop Loss: 
620
Direction: 
Buy
Result: 
Profit
How we trade
5/5 of 4 ratings

Ethereum has managed to maintain the solid gains posted over the last month. After what seems to be evidence of a bottom being formed prices of Ethereum have been steadily rising over time.

As mentioned in the previous commentaries, Ethereum prices are all set to test the $700 price level in the near term. However, while prices continue to rise, it is important to note the bearish signals that could pose some downside risks.

A few weeks ago, we recommended to stay long on Ethereum around the $400 levels with one of the upside targets mentioned as $700. The rally off the $400 level has remained strong and with Ethereum prices failing to make any corrections to this rally it has also failed to form or establish any support levels.

The current momentum is likely to see Ethereum prices continuing to rise toward the $700 level. A major resistance level around the $700 - $750 level is likely to keep prices subdued in the near term.

From a fundamental perspective, the markets have remained quiet with not much of bad news affecting the prices of the cryptocurrency for the moment. For short term speculators, a modest correction on the intraday charts could offer an opportunity to ride Ethereum prices to the $700 level.

Therefore, we are looking to open long position on ETHUSD at $640 which marks the recent highs. Stops are ideally placed around the $620 level while the upside target at $720 could be achieved.

crypto trading signal ethusd 23 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. 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.