ETHUSD seems like a clingy pet. It keeps hugging the trendline.
Currently, it's undecided as to where to move next. This is because of the hacking news and all that scaling issue.
There are 2 possible scenarios: 1. It could retrace at .05 below the major support trendline and pullback up 2. It could enter into the supply zone and restock for a higher move up.
Best area to buy? It should be near the support trendline. Just wait for a huge volume confirmation and big price up.
For now, Ethereum's too quiet.
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Ethereum is forming a demand spring. The last candlestick is important. It could be a bearish fake out and suddenly buyers surge.
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wrong chart above. here's the correct chart
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watch for price action in current price level. we're at a critical decision point for ETH
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dumped big time -> see the long wick
but demand is strong enough to counter the down move
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Selling is triggered market-wide. Could probably be because of Bitcoin Cash.
People are selling altcoins to buy more bitcoin because by Aug 1, exchanges will give out FREE Bitcoin Cash tokens with a 1:1 conversion ratio.
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That Bitcoin Cash is just a diversion. Could move lower to 0.618 fib. But then again, now is a good time to buy while people are cashing out Ethereum to buy Bitcoin for free Bitcoin Cash. After August 1, Ethereum will pick up the pace and do some major moves.
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Probably the bottom for today
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Could still go lower if people keep selling ETH to buy BTC
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could go down again before the buying rush on August 1