2019-12-20 2017-09-26 Ethereum is stuck in the range 290-300, but not for long Vadique Magenta 2019-12-202017-09-26

In the daily chart, we see that the price has approached the "mirror" level. After 300 has been passed, the price will reach a wide range 300-400 and there will not be much to prevent ethereum from repeating its historical maximum and even surpassing it by 25-40%.

A new upward trend will contribute to the breakout. Now we are trading in the upper register and the price is more likely to move to acceleration after the level 300 is passed. The new upward trend is based on voluminous footing and two broad registers in which there are many supports in the event that sellers become active. But at the moment I see by many signs that the situation is entirely in the hands of buyers, our portfolios have long been formed and all we can do is wait patiently.

As to the market profile, we see a strong volume distribution in the range 280-300, which determines the difficulties with its overcoming, but once it is passed, the volume will "flow" to new levels. The nearest target will be 320-330 at 61.8% Fibonacci correction level, and the next target will be the historic maximum around 380-400. I do not see any special obstacles on the way, and we wait patiently to have passed 300 for the subsequent development of the upward trend.

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