ETHMXN Gets to Target Price $5,530

Ethereum reached and broke the target price we had established at 5530.40 in previous days, now the trend is changing and after it went all the way to 5563.09 it bounces back to 5372.89 which is the current price, we could expect the price to fall all the way to its support level as we see the relative Strenght Index dropping from 60 to 54% which means that more traders are selling this pair right now, the target level of 5530 has shown to be very strong as the breakout has not been able to be confirmed, Bollinger Bands have a bracket shape which means that we could expect a change in trend, that will be a bearish market. Support level is sitting at 5072.37 if you choose to go short on this pair, set your take profit at only 80% of the difference between the support and the resistance level to anticipate the market and close your positions safely before it bounces back.

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.