Ethereum At Critical Support / Bitcoin At 200 SMA
ethereum·@ervinneb·
0.000 HBDEthereum At Critical Support / Bitcoin At 200 SMA
LOL ! Crypto Sell-off continues and we are approaching some critical levels for the major coins. For those who follow me and make the actual effort to read what I have to say know that I am in cash or short position with my trading capital and holding my long-term investments (like Steem) untouched. The current situation is certainly very unfovorable for cryptocurrencies, because this kind of market behaviour doesn't appeal to the "get rich quick" types of speculators and if we don't have the hype we might have to face the reality that some of the current prices are exrermely exaggarated. *Lack if buyers and diminishing interest in cryptocurrencies is the number one reason for this sell-off* People don't really care about fundamentls, they want the $$$$$, which is fine. Let's go to the charts ! ### Ethereum  [Source](https://www.tradingview.com/chart/ENQrhqmo/) 5 days ago I did an analysis on ETH and this is what I wrote >Currently I would prefer taking a short position in ETH. Overall if you want to establish a long position, I would advise to wait for a move to start, instead of locking your capital in a trade that does nothing. So after we broke the 850$ resistance, than we broke through the 800$ solid resistance very sharply and now we are at a very important long-term support level at 700$. If we broke this one as well the next challenge for the bears is the 200 SMA, which in my opinion is one of the most used and watched indicators for long-term trends. Of course the price of ETH is very closely correlated with Bitcoin, so let's take a look at Bitcoin  Bitcoin almost touched the 200 SMA today. The lowest point for the day was 9060$ and the 200 SMA is at 8903$. If BTC breaches the 200 SMA I believe we might test the lows from early February. Overall if you are looking for an entry point to invest your money I would definitely wait. If you are looking for a trade, it is still pretty dificult to have a good entry point and your stop should be pretty wild. I definitely am not comfortable trading from these levels. I prefer to observe the projects I like and get in at good prices ! What do you think of the current sell-off ? Share with us in the comments :)