Trade Recommendation: Ethereum

The price could not move above the previous high at 313.12 and formed a new one. This new high is lower and it can be used for drawing a downtrend line. In order to get a buy signal, the price will have to break this line. Estimated entry level should be between 308.00 and 300.00 levels. It depends where the price will break the downtrend line. Stop orders must be placed below the support at 288.00 level and take-profit orders at 340.00 and 370.00 resistance levels. This trading idea will be active till the moment when the price breaks and drops below the uptrend line. If so, we’ll have to wait for a new trading signal. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Market: ETHUSD
Buy: 308.00
Stop: 288.00
Profit Targets: 340.00 and 370.00

The trading signal is based on Poloniex chart.

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.