When the price of Ethereum falls to the zone of 1725 to 1698, it is necessary to consider purchases when forming any patterns starting from the m30 TF. The target growth zone is the average weekly move. Within this zone is the level of 1900. Its test should be considered as an opportunity to partially fix purchases opened in February. A test of this mark can lead to a large number of long positions being closed. The reaction will be a pullback to the 1600 level.
The limits of limit buyers are clearly limited to the levels of 1725 and 1698. These prices will be the fair price until the end of February. Purchases in this range have the category to break-even, since even in the case of a price reversal, it will be possible to exit positions at break-even.
For the higher timeframe, there is a clear upward trend which allows you to keep previously opened purchases. Since the beginning of January, not a single reversal pattern has been formed at the daily level, which indicates the strength of market buyers. To break this momentum, it will take at least a month, so all long positions opened at least 1698 will be at least break-even in the range of one to two months.
The material has been provided by InstaForex Company - www.instaforex.com