Cryptocurrency ETH again interested users of the crypto exchange Whitebit. So, it’s time to update our forecast!
Last week, we analyzed the ETHUSDT pair on a global chart and weekly timeframe.
We recommend that you re-read:
Today we will look at the same chart only on the daily time frame and analyze how the situation has changed during the week.
At the last weekend, sellers were able to pushing Ethereum price below $1,000. It is rumored that this was done specifically for the weekend. At this time, activity and liquidity are reduced. The result is tens of millions of dollars in margin calls. Crypto funds that owned long positions of ETH suffered significantly.
However, now the ETHUSD price continues to trade in the liquidity zone of $1000-1250 and this is encouraging for growth.
ETH cryptocurrency – how to trade now
Now there are two options for entering the long position:
1) Purchase in the range of $1000-1100. Recommended stop below $ 900. Fixing the ETH price below $900 will pave the way for the price to fall to $600
2) Don’t rush and wait until the price of Ethereum can be fixed above $1250. In this case, the market and buyers will show that they are ready to grow, and we will simply move to the side of the stronger at the market.
Which position entry option to choose or how to combine depends only on you and the risks you are willing to take on deposit. After all, the risks to your deposit are the only factor that you can consciously control in the cryptocurrency market.