Ethereum Establishes a Range
Ethereum seems to be hanging onto the $700 handle by a thread. It has established the range between $657 and $730 since March 9th. On day charts, we had a rejection of the lower bound of the KRI which can't quite seem to muster the strength to break higher levels in the $700 handle.
The Kovach Momentum Indicators have been slow to price in the rebound, but quick to price in the retracement. ETH has a way to go before pressing the central moving average of the KRI, which will provide resistance in the low $800's, but the downturn may see it test the lower bound again soon at $663 or so.
Elliott Wave analysis still parallels with Bitcoin. We appear to be in wave 2, currently pondering entry into wave 3. We are wrong if momentum takes us back to the $500's.
Ethereum regained momentum after rejecting the $600 handle, but this momentum was short lived. We've established the range between $657 and $730. Currently clinging to $700, it seems we are more likely to test the lower bound first, than the upper bound, so investors should be cautious. If we manage to breakout to the upside, keep an eye on $750, $780, and $809 for points of resistance.
CONCLUSION - ETH has rejected the breakout from the lower bound of the KRI to insist upon the range between $657 and $730. Investors are wise to take note of this, and follow a range trading strategy between these bounds. If ETH can break out, the levels from above are $750, $780, and $809, which should act as profit targets, since the days of ETH increasing in price by $200 appear to be a distant memory.
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