Ethereum Breaks Resistance at 242.85

ETHUSD CHART PRICE – ETHUSD DAILY

ETHUSD is currently trading at 247.79 this could be considered a breakout but looking at previous highs for the month we should not really consider it a breakout until it goes by 253 levels since that is the highest it has been since Februrary 24th, with this pair I need to wait and analyse its behavior in the next few hours before I can make a prediction, it could be a good trading opportunity if the price starts dropping for the remainder of the session, Bollinger Bands are getting wider so we can expect high volatility and perhaps a change in the trend based on the shape the bands are forming, Relative Strenght Index is at 63%, which is another indicator that the current uptrend might not last long, once it gets closer to 70% we will see the price drop and many traders exiting their trading positions, only then we would place our short trade.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.