ETH/USD Forecast: Ethereum Takes Off to Upside

It is worth noting that we probably have a bit of a short-term pullback ahead of us, but it is probably only a matter of time before we see buyers coming into pick this up. I think at this point we are starting to see a reassessment of crypto and the fact that the market has sold off so viciously. Remember, this might be a bit different than other selloff due to the fact that there is a lot of institutional money out there floating around in the crypto markets.

That being said, the 200 day EMA is above and curling a little bit lower, so it does suggest that the downtrend is still technically intact, so that is another reason why think sellers may return. Nonetheless, it will be interesting to see whether or not the next low is higher than the one before it, as we have seen on short-term charts.

As always, you need to keep an eye on risk appetite in general, because it will directly affect what happens with crypto markets in general.This is coming from a longer-term perspective, not a short-term trading perspective. I do not think you can do a lot of short-term trading in this market.

Source: News Formal (newsformal.com)

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