ETHUSD is aligning with the overall cryptocurrency trend, led by Bitcoin. Compared with the latter, ETH has an MVRV indicator positioned at approximately 1.3, which makes the trend for ETH a relatively young trend, thus having a potential for continuation.
Bitcoin is positioned at peak, which makes it relatively difficult for traders to join: stop-loss should be wider, and the extended liquidation risk still can easily wipe traders out of positions with the regular volatility.
With ETHUSD, the situation might be more interesting as it’s located in the trading range, and the potential move up may be more aggressive and straightforward, if and when it will break the current resistance of area of $2600.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
Bitcoin is positioned at peak, which makes it relatively difficult for traders to join: stop-loss should be wider, and the extended liquidation risk still can easily wipe traders out of positions with the regular volatility.
With ETHUSD, the situation might be more interesting as it’s located in the trading range, and the potential move up may be more aggressive and straightforward, if and when it will break the current resistance of area of $2600.
Don't forget - this is just the idea, always do your own research and never forget to manage your risk!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.