Ethereum Price Bounces But Remains Below 2018 High

The price of ethereum has bounced off this past weekend's low and the next upside target is the 2018 high.

Percentage wise ETH was a nice buy off the lows...it has moved more than BTC, but that is mainly just from a trading point of view. As for technical analysis, nothing special has happened at all.

A Pivotal Level...

Looking at the daily chart below you will see the trendline around 1370, which is roughly the 2018 high. Unfortunately that level did not hold as support with price dumping straight through it.

Now with this bounce we are looking at that level as the next upside target.

It still has to get there, but if it does what would be more important is price cracking above it and establishing that level as a support again.

For now though I'm just eyeing it as the upside level where this bounce will run out of steam. We shall see what happens. Hope I am wrong.

Posted Using LeoFinance ^Beta