ETHUSD Weekly Review to buy Ethereum
Contents
- ETHUSD is on a strong bearish trend.
- Ethereum price has been on the decline for the last three months.
- To buy Ethereum, investors should first wait for the prices to stabilize and start moving up.
The Ethereum ETH coin is one of the most traded crypto coins. It is actually the second crypto coin in terms of market capitalization after Bitcoin. Investors had a lot of hope in the crypto coin and there are hopes that the value of a single ETH Token will one time go past $1000, despite the current drop in its price. So far since January 2018, Ethereum price has depreciated by around 67%.
Looking at the current situation of Ethereum price and comparing it to the majority of the rest of the major cryptocurrencies, you shall realize a similarity. Almost all crypto coins are dropping in price.
The current Ethereum price is similar to that of the beginning of December 2017. The market is actually correcting the whole upward surge in prices that occurred during the month of December, 2017. The crypto coin will now start afresh we anticipate that it will maintain the previous momentum it had before December, 2017, once its prices stabilize and start moving up again.
Weekly Chart
For the cryptocurency traders, it is the right time to place a sell order. The current bearish trend is very strong.
For the Long term traders, they can comfortably use the weekly chart to place their long term sell orders.
Looking at the Stochastic (14,3,1) indicator, the forces pushing the crypto coin down are very strong to an extent that the Stoch (14,3,1) is heading to 0. Nevertheless, once the stochastic indicator hits zero, traders should be cautioned of a retracement or even a change of market trend.
For now all lights are green for a sell order. However, you should use stop levels. With a sell order at the current price of 445.51, your sell take profit should be around 390 and stop loss at around 510. With the stop losses, you are safe in case of any sudden market movements.
Daily chart
For the short term traders as well as the day traders, sell orders are also the best. The fact that both the daily chart and weekly charts are showing a bearish trend confirms that the bearish trend is still very strong.
For the short term traders, they can profit by opening short term trades and closing them within the close of every bearish candlestick. If it is a day trader, it means that he or she should close the sell order at the close of each day candlestick.
What to expect for the ETHUSD in the near future using stochastic indicator
Looking at the stochastic indicator in the weekly and daily charts, you shall realize that is almost hitting the zero line. However, the bearish trend is still persisting due to the fact that the blue stochastic line is still below the red line.
But once the Stochastic squarely hits the zero line and the blue line crosses above the red line, then traders should be advised of a trend change if not a slight retracement.
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DISCLAIMER
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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