We last spoke about the Ether price action on the 21st of September. In that post price traded at level 2979.1229 where it consolidated for weeks before reacting the way it has these past days. Yesterday we saw price reach new highs that have never been reached before. The ether price action reached level 4834.5910 where it found resistance before slightly retracing. So what does this mean?
If you are currently in this trade then chances are you swimming in good profits. However, will we see a retracement any time soon? To answer that question we wouldn’t know. But, our advice would be to scale out some of your positions and trail your stop above your original entry positions. Our analyst at FXSits believe that price presents certain opportunities for those who are in the trade and threats for those who aren’t.
Entering the trend right now will be very risky as price could potentially retrace. The ether price action has been very erratic lately so we can expect the market to either continue soaring bullishly or plummet bearish. If price does make a retracement we could see it test level 3992.2818 where it might find support.
NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.