Yesterday we looked at Ethereum price action after it had run up to our profit target, also a resistance level.
After just a day of consolidating at that level price leveled up again to close above the 270 area resistance.
Defying Gravity?
You can see looking at the chart that price has started to go a little bit vertical, which in the long run is not a good thing. Moves that look more like "pumps" very often get followed by "dumps."
I'm not saying it will happen here, but it's time to be careful. This isn't where you would normally initial a new position.
I would love to see price pullback over the next few days to that prior 270 area. This would not only digest some gains but let the 10 day moving average catch up to price.
Plus, a confirmation and test of 270 as support would be very sound price action for the bulls.
We shall see, just my opinion and point of view in the end.
Posted via Steemleo
ETH is really scaling of late. Looks more profitable than btc.
Posted via Steemleo
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The last time ETH's price shot past $1K was less than 2 years ago so let see if history will repeat itself.
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$1000 for ethereum? For real?
Posted via Steemleo
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That would be sick! I don't see coins pumping like they did in late 2017 though, market is more mature. You never know though!
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Wish it would have waited a day or so and then I would have purchased more Ethereum. It was already pumping/pumped so I sold some Steem for some Bitcoin instead.
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I'm in the same boat! Flipped some steem for btc instead of chasing ETH.
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Rats, I flipped my ETH for BTC recently. It has a better Profit multiple but few can ignore the siren song of Bitcoin.
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I was eyeing the opposite for a bit. Flipping my BTC to ETH a month ago....kicking myself for not pulling the trigger. But yeah, hard to sell the lead horse.
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