Ethereum Holding The Bearish Pressure

By Oligon | structure_trading | 19 Aug 2019

Since december of 2018, Ethereum has pulled off a very impressive bullish run from $80 to a peak at $360, a level where sellers and profit taking from buyers dropped price impulsively to $182, making some corrections along the way (marked in the yellow rectangles).


From a market structure perspective, the long term trend is bullish and medium/short term trend is bearish. If price breaks the major support zone at $160 - $182, the bias is bearish and we should look for selling setups. If price breaks the top of the previous corrective structure at $234, which seems very likely due to the strong impulsive reaction to the $182 level, we can expect a large bullish push at least up to $275 and possibly $318.


The following days are very decisive to determine if buyers regained control of price and if price can resume the long term bullish trend.


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