Steppe57

Ethereum - Looking to buy monthly range at 1100$

BITSTAMP:ETHUSD   Ethereum
ETHUSD

Think we will see a decent bounce off the monthly range (the level at which a month opens into the next one; in crypto mostly at the same level) around 1100$. From here it becomes guessing. If we take out ~2800$ and see a decent weekly close above it, we might go higher and the rallye continues. If we however drop below 1100$ again (after the bounce) and see a weekly close below (preferably monthly), it could be the start of a long bear market. We had a similar scenario back in 2018, where we bounced off ~360$ and had a monthly close below this level in august 2018. ETH dropped another 80% after that. Not saying it will happen, no one knows - But buying 1100$ is likely going to be a decent swing entry nonetheless.

Be patient and stay safe.
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