Ethereum - Technical crypto traders are bullish

ETH/USD - D1

Our expectations - The long-term trend remains ascending, and the current adjustment gives us a good positioning position with long positions and a close stop. The price is in a support zone formed by horizontal support, 61.8% Fibonacci correction of the last upward momentum, and 61.8% of the main upward trend. 50SMA and 200SMA are beaten crossed - positive for the price. DeMarker (14) points upward from an over-sales area - a turn signal in the upward movement. The price is still far from the lower limit of the Bollinger Channel and there is no Buy signal available. Price Action - Perhaps the strongest signal at the moment is the absorbing bar on the daily chart, as well as the temporary correction that allows for a perfect positioning with a thin stop.

SL: 463.44

Alternative Scenario: If the price moves below the support zone and stays there in several successive bars, the positive scenario will be spoiled, and we are more likely to see a short-term downgrade to the second strong buyout area between $370 and $400.

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