Technical Market Overview:
The ETH/USD pair has bounced from the technical support at the level of $151 and is currently testing the local technical resistance at the level of $165.. Any violation of this level would lead to the test of the next technical resistance seen at the level of $170 and this might be the top for the unfolding wave b. Please notice, there is still one more wave to the downside missing, the wave c and only after this wave is completed, the uptrend should resume. The first target for the wave c is seen at the level of $151.
Weekly Pivot Points:
WR3 - $201
WR2 - $192
WR1 - $173
Weekly Pivot - $164
WS1 - $148
WS2 - $138
WS3 - $120
Trading Recommendations:
The best trading strategy for this market for daytraders is to trade with the longer-timeframe trend, which is now uptrend. This point of view is valid as long as the technical support at the level of $151 is broken.
