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Ethereum continues to languish a bit, but I do think that we have a situation where it could be forming a bit of a basing pattern. Volume really hasn't spiked except for the crazy day that we had about a week and a half ago. But that might just simply mean that we are just hanging around.
The pullback during the trading session on Thursday, coincides with
bitcoin falling. Let's be honest here, I don't really care what Ethereum does or what's built on top of it.
Bitcoin is what drives its price. So much like Bitcoin, it's just in this kind of lackluster, grinding back and forth, unintelligible move. The 50 day EMA is starting to break down below the 200 day EMA kicking off the so-called death cross, but that is an indicator that I absolutely hate. It's almost always too late to use for any help whatsoever as a trader. Nonetheless, it is something that longer term traders pay attention to, so it's probably worth at least acknowledging.
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Underneath, I think we have quite a bit of support in the form of $2,400. It's been supportive multiple times in the past, going back into last year and before. So, it does make a certain amount of sense that there are probably buyers down there waiting, but those are going to be your longer term diehards. Short term traders probably don't care enough at this point.
On the Upside...
To the upside, if we can break above the $2,800 level, it would be a victory, and it could open up a move towards the $3,000 level where you would more likely than not start to face some headwinds between the 50-day EMA and the 200-day EMA indicators hanging out in that area. I don't like the idea of trying to get too creative with this. I think if you're a longer-term believer, this is an area where you're starting to put money into work, but you also probably have to hold your nose and not look at the charts very often.
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