Ethereum Is +20% Down Today – Are You Ready To Buy?

What’s up, Crypto traders. The cryptocurrencies are under massive attack of bears. Bitcoin, Ethereum, Litecoin and almost all the other cryptocurrencies have dropped more than 20% today and the bears are still in action. The bears rushed into the market as fears mount of a regulatory abolition, in response to the news that South Korea’s finance minister iterate banning trading in cryptocurrencies is still a choice. Let’s check out the new levels to buy the oversold Ethereum.

Ethereum / ETHUSD – Technical Setup

Technically, the ETH/USD has broken the symmetrical triangle pattern downward at $1,250. Besides this, the 50- periods EMA bearish crossover on the 4- hour chart also played really well.

ETH/USD – 240 – Min Chart

Earlier today, the ETH/USD was trading in the overbought zone and it appears like investors are taking profit until the currency completes the retracement at $1040 (50%) and $954 (61.8%).

Ethereum / ETHUSD – Trade Idea

Fellas, the market is very likely to bounce off the 61.8% Fibonacci trading level of $954. So, the idea is to take a small position above $1,040 and another position above $950 with a stop loss below $935 and a take profit of $1,250. Good luck.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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