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Ether - Under the radar but prices are rising

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Ether is having a real go at reaching and surpassing its all time high. I think another attempt at $1,400 is on the cards. I don't know if many of you heard but Ether was given a higher rating than Bitcoin and Ripple last week by Weiss. I think I read a couple of days ago that of all the top cryptos by market cap, Ether was the best performing. It had returned around 42% already year to date. Now that is impressive. 

 

The important question is whether we are seeing a higher low on the charts? If we are then this is a very bullish sign in my opinion. Those who read my posts will now that I prefer writing my views, opinions and suggestions. I know some prefer just posting charts which can also be useful. For me I want to share my views and opinions. Some of you may agree and others disagree but this is what IG's Community should be about. Reading the views of other traders and investors and their different perspectives.

 

 

I read that the rise in Ether was supported by a 78 percent jump in trading volumes according to CoinMarketCap. To me this implies a high volume rally which may mean that the big players are involved in this rally. If you look at Ether's charts then it seems to me that a bull reversal has occurred which is why I think there could be another go at $1,400.

 

I like the higher lows pattern. That is what I like to see as a trend follower. Even better would be higher highs. From a short term perspective the 5 day and 10 day moving averages are showing bullish price action behaviour. If I am wrong then so be it. Ether is being tipped at the crypto which may well be the best performing in 2018. It has made an excellent start in my opinion so far in January 2018.

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Ether seems like it is performing admirably against all the other major cryptos by market cap.

 

At the time of writing it was already nearly 4% up for the morning. 

 

First of day of February seems like starting with a small rally. I think looking at the charts then it is clear that Ether is the one to watch for 2018.

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It is 5:00 pm UK time and Ether has just shot up in price and hit $175.10 from out of now where. 

I include the Ether chart below. It really does seem to be under the radar but prices are rising.

Ether_20190506_17_08.png.fa387f4121fdac9023e3514a54a63bb7.png

Ether is trading above its 20, 50, 100 and 200 DMA but there issue I have is that they are not sloping upward so the trend is not really strong yet. 

Ether_20190506_17.08-2.png.841464f181ec9452bc21510fabfc3d02.png

I think there is the potential for $180, $190 and $200 but it will depend on how Bitcoin performs and how Cryptocurrencies perform as if they begin to accelerate upwards in price then Ether will follow. If they crash downwards then Ether will follow. Ether does not seem to be leading on the race upwards or downwards at the moment. It seem to be in 'Following Mode'. 

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Ether needs to really hit the psychological $200 level. The strength of any rally for Ether will be judged on whether it can stay above this $200 level or not. 

When you look at the 'daily' it seems Ether has bottomed and has completed a consolidation period. Obviously I cannot confirm this and time will correct me if I am wrong by the behaviour of the price. 

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Ether hit $195.30 so it is getting very close to this $200 psychological level which I mentioned in my previous post. It is up over 10% at the time of this post and to take Ether seriously we really need to be seeing the $300 - $400 levels again. 

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Ether hit $200.40 a few minutes ago. 

The question is whether Ether can stay above $200?

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Ether seems poised to attack the $241 price zone should it manage to stay above $200 for any reasonable length of time. There is a lot of positive news being released about Ethereum and some of it may just be 'hype' or even simply 'market noise' but these things move markets whether they are accurate or credible. 

Ether_20190513_19_32.png.2acde915ca6efd6e427b576632b167d6.png

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Ether seems to be staying above the psychological $200 mark. It hit $212.90. Has the rally got enough legs to really aggressively go for $241?

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I posted yesterday asking if the rally had enough legs to really aggressively fo for $241 and the answer is an emphatic yes. Ether hit $244 today and the chart is looking wonderful from a 'Trend Following' perspective as are all the Cryptocurrency charts available on IG's Spread Betting platform.

I include the chart below:

Ether_20190515_18_01.png.bb3c47d6fb2738de9b4a3b9509d1f921.png

I told you it was a nice chart!

It is up 17% at the time of writing this post.

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It will be interesting to see what happens to Ether overnight and how Asia reacts to the current rally in Ether. 

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ETH BTC pair needs to catch up. Recent 40 usd move in ETH has helped but ideally we’d be seeing a batter ratio before this is over.

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Someone messaged me last night asking if they should be shorting Ether. I advised them that from a 'Trend Following' perspective you would be long and you would only short if there was a clear trend reversal.

There will be lots of sharp corrections along the way but if those who follow trend following strategies try and short these most of them are going to get into a pickle in terms of getting back into the trade and so on. That must be left to the Swing Traders and Day Traders for the shorter term trading opportunities.

Trend Followers must look at the bigger picture.  

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I have received another message asking what I reckon of an ETH/USD short around this level with a stop loss at 250. They state there seems to be a rejection from 248 level on 20th September 2018.

All I would say is that people should not be trading based on my thoughts and suggestions or anyone else's for that matter. I could be totally wrong on my views on Crypto's and so one must conduct their own analysis and come to their own judgement. It is their hard earned money they are using to trade. Therefore the responsibility lies with them. 

I am merely sharing my personal views, opinions, thoughts with the IG Community. 

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2 hours ago, TrendFollower said:

Someone messaged me last night asking if they should be shorting Ether. I advised them that from a 'Trend Following' perspective you would be long and you would only short if there was a clear trend reversal.

There will be lots of sharp corrections along the way but if those who follow trend following strategies try and short these most of them are going to get into a pickle in terms of getting back into the trade and so on. That must be left to the Swing Traders and Day Traders for the shorter term trading opportunities.

Trend Followers must look at the bigger picture.  

You say ‘people message me’ a lot, asking for your views - out of interest who? Community people or friends?

trading after a sudden move one way on the hope the market will bring back asset price is nothing more than that... hope. 

Would advise against.

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@PandaFace,

Both. On the IG Community you will have a facility to message anyone on the IG Community privately. There are some who do not want to post so that all can see on the IG Community. I get a mixture of messages but to answer your question, both.

You should check your inbox as you may have got messages from others.

I agree with your view on shorting Ether.

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Ether hit $280.70 and is currently trading around the $266 in this parabolic rally following on from Bitcoin's lead. 

I do wonder if capital has shifted from Bitcoin by taking profits and reallocating to Ether?

 

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Ether looks like it wants to break out.

As my previous post states it hit $280 level. The chart looks primed for this price point to be revisited. The question is will Ether be able to break past it?

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Ether is up over 6% on Sunday evening around 9:30 pm.

I am interested to see if Ether can go for $300 on the next bullish rally. I think it may well touch $300 fairly shortly looking at the 'daily' chart.

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I think Ether staying above the $250 level presents a bullish narrative. 

Now some of you may not be aware of 'Ethereum Gas'. This is basically the unit used to calculate the actual amount of Ether that someone i.e. the user has to pay for transactions on the Ethereum blockchain. 

Now it is being reported that on May 29th 2019, the Ethereum network broke its own record for the total daily gas usage. This is a very important and positive factor. 

I want to share the following chart:

image.png.8159f077e26465a374711185c33f4ea2.png

This is very encouraging and I think when the fundamentals and technicals begin to align for Ether then it could easily have the potential to double its price fair quickly. I am expecting the price to target the $300 shortly and then it should move up to $400 without much trouble as there is little stopping it when looking at the 'daily' chart. 

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Ether will face some resistance at around the $270 level but if it can clear it then I see it having a real go for the psychological $300 price point. Looking at the 'daily' if it clears $300 then $350 will not take too long it should have a relative nice path towards that level. 

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Ether is leading the race this morning and is up over 5.5%. It just hit $288.80 and $300 is firmly in sight. Once it clears this it seems to have the potential for a nice run up to $360 - $380 when you look at the 'daily. 

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Ether is playing catch up with Bitcoin but it has a lot more catching up to do. 

It has hit and seems to be staying above that $300 level. I think now it will try and go for $400 to $500 and it is not unrealistic to think that it will get there by the end of 2019 if not a lot sooner. 

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Ether is seriously underperforming Bitcoin and other altcoins. It should be more nearer to $350.00 and around the $400.00 area. 

Now there could be a reason for this which is that there simply is not a good enough reason for more capital to flow into Ether at this moment in time. I must admit I did expect Ether to be a lot higher than what it is based on Bitcoin's recent parabolic move. 

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Ether is still managing to stay above the $300 price level but is simply not able to kick on towards $350 and then $400. It will be interesting to see whether Ether is able to follow Bitcoin's recent price action. 

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I was wondering if capital allocated to 'altcoins' were shifting into Bitcoin but this would surely cause a drop in the likes of Ether, Litecoin and Bitcoin Cash which has not really happened. 

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