Blocksmith Says: ETH is Holding Support

Blockhead -
  • Ethereum is in a 40-day cycle trough zone.
  • We expect a move back up and a breakout around US$3,450.

Ethereum has held support for now as global equities found a foothold. S&P 500 as well as vNikkei futures may be bottoming. Notice also that Ethereum is in a 40-day cycle trough zone (semicircle) in chart and RSI has counted a five wave down structure, which points to maturity.

Preferred view remains for a move up back across the range and another attempt at a breakout c 3,450.