As with all other crypto-currencies of the Ethereum-rate has fallen in the last week. 12. May he fell to 535 euros to the price of the end of April. Since then, was able to recover the course and joined in a Triangle Pattern. The Cup-and-Handle Pattern holds.
- The Ethereum-rate has fallen this week.
- After the price fell to the Level of the end of April, and on the bottom of the projected Handle, a joined the course in a Triangle Pattern.
- Overall, the evaluation is bearish. The most important Support is 533,95 Euro, first Resistance is at 616,22 Euro.
In the last week have been advised to open a Long Position if the price breaks through either a Support bounced or the Resistance. So, if you have not entered into any Long Position, is the right to be happy; really, money was the then-neutral prospects to get.
In the meantime, the rate has bounced from a Support. Since then, he is moving in a Triangle Pattern to the side. With the negative price development of the last week can, in principle, be Handle, the hypothesis of a Cup-and-Patterns maintained:
It is decided, a little to the above-mentioned Support. To worry about the indicators on the 4 hour Chart call:
The MACD (second Panel from the top) is negative and falling. The MACD line (blue) is below the Signal (orange), the latter is on the verge of falling below the zero line.
The RSI is 44 and is therefore bearish.
Overall, the Situation according to price, Trend and indicators bearish .
Support and Resistance
The first Support is located at 533,95 Euro and is given by the Minimum of 12. May described. Further Support is provided by the Plateau of 21. up to the 22. April defined in 493,03 Euro.
As the first Resistance provides the platform from 14. May to 15. May 616,22 Euro. A Rise of the rate above this Level would raise the price in the direction of higher rates from the Triangle Pattern. Further Resistance is at the height of the month of the peak maximum at approximately 680,00 Euro.
Entry points, Stop Losses and Targets
The bearish assessment invites you to take a Short Position. A good entry point would be 572,87 euros, i.e. with a negative break of the Triangle Pattern, Targets would lie with the specified Support, and for a Stop Loss would be the first Resistance at 616,22 Euro.
The price should bounce off the Support of the Triangle Pattern would be the Opening offer of a Long Position in 616,22 Euro. A meaningful Target for the specified second Resistance in 680,00 Euro would be a sensible Stop Loss would be defined by the EMA50 at about 600 euros.
Disclaimer: The presented on this page, rate estimates do not constitute buy or sell recommendations. They are merely an assessment of the analysts.
Images on the Basis of data from kraken.com at 10:27 PM on may 16. May created. For a deeper understanding of the concepts of a course analysis is on the Link referenced.