- ETHUSD declined almost more that 15% from the high of $797 made on May 6th 2018. Ethereum was in lime light once again after market rumor is that US regulators are scheduled to discuss whether to treat crypto currency as a security.
- This might be rumor also as there was not official announcements yet on meeting. The pair has taken support near 100 –day MA and shown a good recovery from that level. The major support is around 655-632 (200- day MA and 55- day EMA) and is acting as demand zone. Any convincing close below this level will drag the pair down till 565/541 (61.8% fib)/452.
- On the higher side, 800 is acting as major resistance any violation above will take the pair to next level till 895/979.
It is good to buy on dips around 655-660 with SL around 560 for the TP of 800/885.
