Ethereum Is +20% Down Today – Are You Ready To Buy?
Arslan Butt • 1 min read
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.