Trade Recommendation: Ethereum

This is a long term trade. The price broke the downtrend line. It give us a new buy signal. The market is going to move upward and we can try to join this movement. MACD supports upward movement. We can place pending orders for buy at 340.00 level with stop orders at 280.00 level. The main profit target should be at 400.00 level. If the market can pass through this resistance, it will be a good signal of further upward movement to the new highs. The 2nd profit target can be at 450.00 level. If you don’t like risk/reward ratio and you are not sure in strong uptrend, it’s better to skip this trading signal and wait for a new trading opportunity. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: ETHUSD
Buy: 340.00
Stop: 280.00
Profit Targets: 400.00 and 450.00

The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Ethereum.

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.