ETH Price Retraced to $243 – 3 Reasons To Buy ETH Right Now


ETH Price Retraced to $243 – 3 Reasons To Buy ETH Right Now

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

As expected, Ethereum followed Bitcoin’s path and dropped by almost 10% - seems like the bearish period is getting closer, or it has already started.

What does it mean for traders? It’s high time to make money. Here comes the period of golden opportunities when you can make a profit! Read ETH price predictions from tradingview users and find out why you should buy Ethereum right now!

1. Risk-reward ratio is optimal

ETH will hold $230 or fall to $200

Today the price got close in $243 and the wick touch the $230.00 zone. We need to stay focused on Ethereum fluctuations: it can hold the $230.00 zone, or if we may go back to the $250.00 resistance and fall looking to the $200.00 support. Wait for confirmations and trade with a plan.  

If 10% price dump wasn’t enough for you, you can wait for the $200 support - this is a great price for a buy entry with a good risk-reward ratio in the long perspective.

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2. ETH will fight the bears

ETH/EUR price chart

Here’s one more trader claiming that ETH is facing huge resistances into the €220-240 area before being able to fight the bears at higher space. Stoch RSI not enough overbought and the magic indicator shows that we are not at the bottom of this spring crypto game for ETH.

Thus, you can start entering the market or wait a little bit before buying more ETH.

3. Many altcoins can double soon

ETH is backed up by its volume

We are still slowly grinding up on decreasing volume. However, it's important to note that our recent dip was bought up on high volume.

This signals that buyers are still eager to get into the cryptomarket. Volume has only decreased since Bitcoin got back above the $8,500 support.

Both the ETH/USD and the Total altcoin market cap charts are still showing that we could be in a bullish ascending triangle formation (resistances around $284 and 115B respectively).

An argument for a bearish wedge can be made as well, which may indicate a retrace to the bottom of the channel here.

Look at Ethereum first: it was above its ascending channel. In the above TOTAL2 chart, you can see that we're also above the major neckline resistance (recently broken and tested as support).

That adds up to the likelihood that other altcoins will begin to experience some accelerated growth as well.

As you can see from the above charts, there isn't much historical overhead resistance once these areas are breached.

This could explain why this potential move is being delayed - accumulation. If we are going to pop up, it could be very violent, and very fast. This is total speculation, of course.

Although we did not witness the confirmation of the potential ETH breakout above $285, and the idea of the crazy breakout was invalidated, ETH still looks strong – it’s backed up by the volume.

A lot depends on BTC, as well. If Bitcoin decides to explode quickly towards its ATH, alts will start to increase on their ratios again. A combination of both would be extremely bullish, obviously.

Ethereum will try to reclaim some dominance, and if it breaks out above current levels, an enormous amount of buying would occur across the board. It's also possible that alts continue to drift lower on their ratios, but they've been maintaining them fairly well (with some higher lows) over the last couple of weeks.

Based on the behavior of many alts - it is still possible that if Bitcoin makes another leg up, that they tank on their ratios even further, although they're starting to show signs of wanting to move up on the ratio.

ETH is one of alts that haven’t broken uptrend, it keeps stalling. There are all chances for it to hit $300.

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Final words

Although at first glance, it looks like the bearish trend is getting back. Even though altcoins depend on Bitcoin heavily, and Ethereum followed BTC overnight, there is a chance for it to hit $300. You can buy some ETH now, or before it touches $220 area. If it falls below such support, we can officially open the bearish season.

Ethereum price charts by TradingView

Cover image via www.123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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Can TRX Reach 500 Sat in a Week? Quick Peek at Tech Indicators


Can TRX Reach 500 Sat in a Week? Quick Peek at Tech Indicators

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Good times for Tron have only started: many traders start being bullish about the TRX market, and they have a ton of reasons for that. Why is TRX said to grow in the nearest 10 days? What will drive its growth? Let’s check Tron price analyses and tech indicators from tradingview users.

Ascending wedge scenario

Ascending triangle shouldn’t be broken

TRX/USD has been trading above the low $0.02 range ever since early to mid-May. Since then, an ascending broadening wedge has formed, and new highs in the $0.03 and a low $0.04 range have been seen. We have since corrected downwards from those highs.

We need another confirmation of support at the lower bound of the wedge for the sake of pattern continuation. If the pattern is validated at that point, a move up should be made to test the upper bound of the wedge at the high $0.04 to low $0.05 range. Should this happen, a test of new highs should be seen in 5 to 10 days.

If the pattern breaks below the broadening ascending wedge, TRX/USD would likely return to the low $0.02 range that it was consolidating between February and May.

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How to maximize gains?

Indicators are mostly positive

If you want to trade safely, wait until we clearly exit this descending channel. But if you want to maximize profits, look at divergences in the indicators.

RSI is not looking too overbought, so it's a good sign for buyers. And look at how the RSI is going up just now. Parabolic SAR indicator reversed a few days ago, had a pullback, but it's looking like bouncing on this support being created.

On the 4 hour chart, a nice ascending channel is forming. With last's week price action, it made a solid triple bottom. Another indicator that we should consider is the combo of Donchian channels and Tilson T3 line.

There is only one counter-argument to all these bullish indicators: Bitcoin is showing a huge Head and Shoulders, and we know that when Bitcoin collapses, alts tend to collapse as well.

Long setup for TRX/BTC

Attention on the wedge pattern

We can see that TRX/BTC is definitely set for growth.

What we can see on the 4h chart:

  • Price broke out from a descending trend line and started a Wedge Pattern formation.

  • Wedge Patterns are considered reversal structures.

  • The Wedge Pattern is supported by a major support/resistance level and the broken descending trend line.

Based on this we expect the price to continue the bullish movement towards the next resistance level at 550 satoshi.

So, how to trade TRX now?

  • Entry price: 0420

  • Stop price: 0360

  • Take Profit: 0550

If the Stop is hit, we should see if the intention of the price was to make a fake out or a bearish movement, after that we will consider whether re-entry makes sense.

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Tron is ready to go!

Tron goes in Fib’s golden ratio

Recently, we observed TRX retracing from its last impulse wave, finally settling down in this Fib channel where it has began to show signs of bubbling – right on time.

Analyzing the last impulse wave, we see that Tron is attempting to fight its way back into the Fib channel above. 7 days ago, it entered the 200% Fib Time Zone. In the past, this has been the cause for significant influence on price. We can see a strong reaction from this time zone. Morever, you see sloping downwards Fibonacci speed resistance, indicating that this is a crucial moment as Tron begins to grind against the .618 line.

Also, take a look at the Fibonacci Circles, which provide an exciting insight into the effect of time on the chart. Tron has been forced to move up as it nears ever closer to the Fib Circle's 1.618 Golden Ratio

TRX should definitely make a pop! The first take profit is 550 – 575 satoshi, the final target is 777, however, TRX has the potential to go much higher.

Tron price charts by TradingView

Cover image via 123rf.com
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About the author

Vera Yurina (aka Vera Thornpike) writes on web tech and works as a translator, copywriter & crypto geek with a strong passion for creative writing and wordplay. Creates marketing and SEO content for IT & hosting companies, ICOs and finance media since 2013.

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