In our daily chart, Ethereum has been trading in a consolidation way for the last five days with the support of $900 and a resistance around $1100. Additionally, $1000 level proved to be a good support, we can open a small size position at this level. We can add more if any pullback towards $900 support happened. 50-day SMA gives $900 level more power because it's now around $890.
To resume the uptrend we need to break out $1100 level and close above it. Conversely, if Ethereum breaks down $900 level as well as 50-day SMA it will be negative. Stop loss should be placed below 50-day SMA.
To resume the uptrend we need to break out $1100 level and close above it. Conversely, if Ethereum breaks down $900 level as well as 50-day SMA it will be negative. Stop loss should be placed below 50-day SMA.