Fundamentals 1. The main reason for fundamentally going long Ether is due to POS. In the future when POS is fully implemented. The supply of Etheruem will decrease and this will lead to headwinds bringing the price of Etheruem up. * Do note that this fundamental view requires a long horizon due to complexity of implementation of this POS. 2. As of the failed fork in BTC, I would expect money to flow into Etheruem but as of right now, money seems to be going into Bitcoin gold which is being rumoured in the market to be the next best beside bitcoin.
Technicals 1. A breach below the support levels 296 could see prices reach 278 again. It would also fail to confirm the bullish rally. 2. Prices of Etheruem seems to be hovering around 290 to 300 price range. Looking to buy around 280 range if sell volume is not heavy. 3. Conservatively, RSI has broken through the support and volume for past few days has been understandably small. Small probability for the rally to sustain as well.
*I am long term in Etheruem, so do not enter in the trade right now due to the reasons above. However, do look out for opportunities if prices break through 280 price range.
Kommentar
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Lets watch the hard fork tonght. Expecting some money to flow into Etheruem.
Kommentar
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On a side note, I dont really expect a massive amount to flow into Etheruem, past few days Etheruem price action has more co-relation with BTC.
Good analysis, but with the following remarks:
1. Money is currently rushing primarily towards Bitcoin Cash, as the Segwit2X charade has actually shown it to be "the original Bitcoin", which is actually true as it *is* the original blockchain.
2. If you expect price below 296 to invalidate bullish trend, why buy around 280?
DrJLT
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@ZZip, He suggests to trade the interval between 280 & 300.
D_Market_Outlook
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@DrJLT, Hi there man:) Yes I would be looking at buying dips at 280-290 specifically.
D_Market_Outlook
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@ZZip, Hey thanks for the comment, really appreciate it.
My mistake in putting bitcoin gold, i meant bitcoin cash. Then again, I would contend that the whole 2x saga shows BCH as the original blockchain but no doubt that it has shed more light on BCH and is being made as BTC closest contender.
2. IMO, the overall trend will still be bullish to me. A break below 296 would invalidate the rally as one that is sustainable.
ZZip
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@Souldrake, @DrJLT, thanks guys for clarifications. ETH moving nicely today! :-)