Ethereum as per our last analysis is expected to move towards $2,200 level. This is our next target. Price remains in a bullish trend and as we said yesterday, as long as price is above the black trend line support trend is bullish.
Red lines- Fibonacci extension target
Black line – support trend line
ETH/USD has broken above the recent highs and is now at $2,050. The RSI in the Daily chart is providing another bearish divergence which is just a warning. This is not a reversal signal. Bulls need to be cautious and protect their gains. Trend changes only on a break below $1,660-80 area. Buying now ETH/USD is very risky because price is well above the support trend line. If price pulls back towards the support trend line then this could be another opportunity to go long. This is not the time to be very optimistic.
The material has been provided by InstaForex Company – www.instaforex.com
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