Trade of the Week – Ethereum

Trade of the Week – Ethereum
Sellers Profit from Crypto Currency Crash

Trade of the Week – Ethereum

All of the major crypto currencies crashed last week offering sellers some of the best trading opportunities available the markets.
From a technical perspective all the major crypto currencies are in downward trends including Bitcoin, Litecoin, Ethereum and Ripple as a general crypto sell off continues across the board. Most traders have been waiting patiently for a good sell entry point which happened for them last week.

The crypto markets are getting spooked by exchanges getting hacked, fear of regulation or outright bans in certain countries. As a crypto trader it is important to be tuned in to any news around these specific news topics. Our trade of the week is Ethereum which dropped by 18.9% last week. You can see from the chart above that this crypto currency has been falling since January this year when it hit a peak of $1,372.

From a technical perspective we can see the price reacted to an upper daily trend line as it started its decent last week. The drop stopped at a major lower trend line and support zone where we hit a low of $637. CM Trading has recently introduced crypto currency trading to its platform giving you the opportunity to profit from one of the hottest markets right now.

 

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Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

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