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The Ethereum market has been all over the place during the last couple of days, as we are trying to sort out whether or not we are going to continue to hang on to the floor. At this point, the floor looks as if it is the $2400 level, and therefore I think it's worth noticing that as we drift sideways, whether or not the volume starts to pick up or not. If it does, that could be a sign that we are ready to bounce.
Keep in mind that we have to pay close attention to risk appetite, and of course Bitcoin. Remember, Bitcoin almost always leads the way, as it is the first place traders look to put money to work in the crypto markets. It's also worth noting that the 50 Day EMA is starting to us below the 200 Day EMA, kicking off the so-called“death cross.” All things being equal, this is a scenario where some longer-term traders may look at this as a sign to start shorting, but I think that would be a huge mistake. After all, this is a signal that ends up being very late most of the time. Furthermore, the $2400 level has been significantly supported more than once, so we would have to wait and see how that holds up.
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As stated previously, the technical analysis is somewhat dire, but we also have a major support level that has not been broken, and of course volume hasn't exactly picked up, so I don't necessarily think this is something to worry about. With this being the case, I'm waiting to see whether or not we can bounce and therefore I think if we do, then it could be a nice buying opportunity, but you also have to keep in mind that the market could be very noisy, and again, you have to pay close attention to Bitcoin. You also should probably pay close attention to tech stocks, because they can also be a little bit of a“heads up” as to what people are willing to put money toward.
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