07.08.201823:20 Forex Analysis & Reviews: Technical analysis of Ethereum for August 8, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

In our last analysis regarding Ethereum, I warned traders that a bearish formation of a bearish flag was spotted and a break below $440 would give a new bearish signal. The price got rejected at the Ichimoku cloud resistance and broke the flag downwards.

Red lines - bearish flag pattern

The trend remains bearish. The price must break above $425 in order for the short-term trend to change to bullish. A daily trend will change to bullish on a break above $513. Next support is at $365-350 at the April lows. Breaking below the April lows can push Ethereum lower towards $200-180 price level.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade