Filling the Gap and Testing Support Levels:
There continues to be a broad market selloff of cryptocurrencies following the small recovery that occurred after negative comments from JP Morgan CEO Jamie Dimon, and China threatening to ban cryptocurrency trading across exchanges tanked crypto coins last week. Today we take a look at Ethereum (ETH), which is pivoting on key support levels after a recent interview with Ethereum founder Vitalik Buterin on TechCrunch Disrupt.
Let’s take a look at Ethereum and how it is responding to this recent downward pressure from the macro crypto community, as well support levels achieved on our Ethereum (ETH) price and chart page.
As you can see from the chart, we have tested the $250 range over the past 24 hours and that support level has held relatively well. If we test $250 again, and it doesn’t hold, it looks like we have some support around the $235 area. If we do bust through the $235 support level, look for drops to $210-$215, and then again to $200 if those don’t hold.
As we have seen in the past, once this current gap fill occurs, we will see an instant test again of the $280 – $300 levels, and if that holds look for $330+s.
It is important to note that corrections like this are healthy for the market and necessary. This allows for the continuation of the general uptrend pattern we have seen in the crypto market.
Once this back gap fill occurs, we will have even stronger support in the $250-$280 range. This is a positive uptrend, with ETH heading back to $400+ and to $500 by year’s end.
Check back with us later this week for more analysis on various Cryptocurrencies…
In coin we trust,