ETH to retract into previous trend?
With BTC in a panic sell and hovering around 10k, I believe ETH has a couple of trajectories. Panic selling in BTC has led to a panic sell-off almost across the board on alts. This has broken support at $450 with a low of ~$400. At this point ETH has dipped below long term support and is struggling to break back above resistance. Ultimately I believe that if $400 breaks, we will fall down to previous trend. If $400 holds, and BTC panic settles, we may break back above resistance and continue on the path above $500. The latter really relies on buyer confidence, which is waning at the moment with ETH staying below EMA on GDAX.
If you are in below $400, its probably best to hold.
If your long above $400, you may want to consider cutting loss if $400 breaks.
If you are in below $400, its probably best to hold.
If your long above $400, you may want to consider cutting loss if $400 breaks.
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