The price of ethereum has been on a tear the past week with Monday's candle being the final moonshot before seeing some profit taking the past 4 hours or so.
Consolidation, maybe a drift lower?
Looking at the chart you can see price got rather exuberant yesterday following what was already a strong move.
This took price far away from the 10 day moving average, which ya'll know I love as a short-term gauge.
Price could certainly continue higher, but the probabilities favor some consolidation here or even a modest pullback in order for the 10 day average to catch back up and narrow that large margin that currently exists.
Bottom line, it is healthy price action for ethereum to consolidate in this area for atleast a few days. Then it can resume higher. If so selling sets in, then we'd want to see price stay above 3,100 to keep the super bullish tone intact.
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I am actually in a bit of shock about how well ETH has been doing the last week. It's almost like someone strapped a rocket to it and lit it off. I don't really hold much ETH simply because of the fees, but I bet there are some people who do that are pretty happy right now! I saw a projection of $5000 by the end of the week potentially. I think that is a stretch, but who knows!
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Yeah, not really sure why its mooning right now to be honest.
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Maybe it is the Canadians.
I'm not a good trader, but I would not take profits right now. I'd say $3,500 is easily achievable.
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Not taking profits. My eth is locked up in the cubfinance DEN. Just having fun with a little trade. It was a small loser, oh well.
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I see.
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