Ethereum Pops Slightly to Kick Off Week - ethereum $ETH CryptoMarket cryptotrading
and more likely take this market much higher. In that scenario, I would anticipate an attempt to get back to the $1600 level, perhaps even the $1750 level after that. Anything above there would be a huge bonus, but I just don’t see that happening anytime soon. In fact, I think that once we reach the $1750 level, there would be plenty of people willing to jump out of the market in order to either break even or come close to it.
On a breakdown from here, I would be paying close attention to the $1000 level, and perhaps even more importantly the $900 level. $900 was the recent low, and breaking down below that would more likely than not send even more sellers into the market. In that scenario, the market almost certainly will go down to the $500 level, maybe even $400. It is worth noting that $400 being tested would make a “complete round-trip” of the rally that we have just seen.
That being said, if we get close to the $400 level I will start “stacking”, because the next run higher in crypto should produce even higher highs. In fact, I am actually hoping for this to happen so that I can pick up Ethereum “on the cheap.” In the meantime, short-term rallies are probably thought of as selling opportunities at the first sign of exhaustion, which we should see shortly after a surge higher.
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