Ethereum Analysis – Nice upswing but…

Crypto market starts this week with massive gains. One of the best cryptos among the major ones is the Ethereum, which as for now, is up almost 20%. Previously, we mentioned the ETH on the 3rd of October, when we saw a nice bearish price action, which was inviting us to go short:

„Price closing a day below the green line will be proper signal to go short. The potential target here are the lows from September and further, 140 USD mentioned in the previous piece. „

Those words, were written, when the price was around 219 USD. The overall signal was good as on the 11th of October the price reached the support on the 190 USD. The only thing missing here was the target. In our piece it was much lower. OK, they did not get there yet but what are the chances that they will do that in the future? Quite high, even despite the today’s rise. The crucial resistance for the ETH is the pink area around the 253 USD. As long as we are below, there is no buy signal yet. Only the price breaking that line will give us a signal to go long. As for now, we have to wait because we do not have a sell signal either.

Fine but what should You do now? Well, the purpose of this piece was to calm down many investors that got or will get over excited with today’s rise. We are still low and as for now, there is no buy signal whatsoever.