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Ethereum is traded higher in a rising channel and has just rebounded high. A reference to the support may be in order and a rebound may occur when it aligns with the Fiber levels.
In particular, the 61.8% level is in line with the channel fund around the $ 210 sign. 50% of Fibra is closer to an area of interest or a previous resistance that may now hold back as a floor, as well as the dynamic inflection point of 100 SMA.
In terms of moving averages, the 100 SMA is safe above the 200 long-term SMA to confirm that the path of least resistance is on the upside. In other words, the upward trend is more likely to resume rather than reverse. The gap between moving averages is also widening to reflect greater bullish momentum.
Stochastic is moving down, however, so sellers still have some energy in them for further decreases. So again, this could simply mean that the correction could go on for a while. The 200 SMA dynamic support could be the line in the sand, as a break below this could signal a continuation of the slide in the longer term. RSI is also heading south, so the price of etereum may follow suit.
The cryptocurrencies have had a good run until this month, but it is understandable that the operators are also ready to book profits at key levels. With this, the retracements are in order and it is likely that the bulls just wait to add to their positions at better prices.
Ethereum is looking forward to the SEC guidelines on ICOs, which could eventually eradicate fraudulent ones and ensure the legitimacy of the rest. This could prevent a quick liquidation of tokens built on the ERC20 platform, which would then result in a corresponding decline in the price of the ether.
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