- Ethereum has been fairly back and forth and sideways during the session here on Monday, but it does look supported.
- That's the important part in this analysis. We are currently hanging it around between the 50 day EMA above and the 200 day EMA below, focusing mainly on $3,350.
- It is worth noting that cryptocurrencies in general did have a little bit of an issue at one point during the day, but it also looks like we are starting to see traders come in later in the day to take advantage of cheap Ethereum as well as Bitcoin and some others.
So, I think the overall trend remains the same. It's a matter of finding cheap coins when you can get them.
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Support Below
In the Ethereum market, I think there is a plenty significant amount of support near the 200 day EMA, which also happens to be just above the $3,000 level. So that ties in quite nicely as well. This is a market that sees a major wall at the $4,000 level, but probably needs Bitcoin to start to take off in order to see inflows into Ethereum with any type of excitability. Let's be honest here, that's what crypto needs is excitability.
It is the holiday season, so you have to think that there's a good chance that liquidity could be an issue. So, with that being the case, I think you have to understand that this is a buy on the dip market, but it's also one that you may have to be very patient with. The next two weeks could be somewhat slow, but I still favor the upside. And as long as we can stay above basically $2,800, I think we're fine. I just think that it's not necessarily going to be overly exciting.
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