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The cryptocurrencies of ethereum are continuing a strong upward trend, which has managed to bring the exchange rate above 1,300 USD. We are currently in the correction phase, which led to the test of the local upward trend line running in the 1120 price area. The demand side reacted clearly to the mentioned line, which may indicate the completion of the correction and the continuation of the move towards the north.

Picture 1. Technical analysis, ethereum, H1,11.01.2018

A possible deepening of the corrective movement should first lead to a test of a key level of support occurring in confluence with a psychological area of 1,000 USD.

Picture 2. Technical analysis, ethereum, D1,11.01.2018

A price lower down to the region of 1000 dollars should be good news because it would allow to take a long position at a better price. If price will breakout psychological level down, the supply side may take on dynaminics, which can take down price below 900 USD.

Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.

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