Prospects of altcoin number one Ethereum

Evaluating the dynamics of Crypto-currency over the past few weeks, we can state the continuation of the development of a corrective 'outset' for the main instruments. Soon this situation may change and, breaking the support levels, the Crypto-currency quotes will start to form impulses of decline.

Some of the more volatile tools will decrease faster and others slower. Much indicates that it is too early to talk about the reversal of long-term trends.

Ethereum

Ethereum on the 4-hour chart demonstrates the overcoming of the support channel of the correctional channel, which may indicate the continuation of the development of the long-term downtrend. The truth of the breakdown was confirmed by the formation of the 'Black Crosses' on MACD and Stochastic.

The immediate goal of the downward momentum development may be the support line for the short-term downtrend and the $ 390 mark. After that, the most probable may be a rollback to the resistance line for fixing positions and testing the previously overcome support zone. The rollback target will be $ 430.

A rebound from the resistance level will allow the market to develop a decline momentum not just to the support line, but to the long-term fractal level of $ 358. Further behavior and decisions of market participants near this level can form a medium-term 'outset' in anticipation of any new fundamental information.