Techs for Techs
The interest in the crypto markets by the old school of traders is increasing by the day. We are hearing about tried and tested systems beginning to be employed, such as cross exchange arbitrage opportunities, or the spread differential between Bitcoin and Ethereum. But the biggest explosion of interest at the moment is from Chartists, or Technical analysts, or techs as they like to be called.
With most of the ICO's coming to market being from the tech industry, one wonders who has the biggest claim to the abbreviation, technology specialists or technical analysts?
Regardless of who wins they both have their place but there is much talk amongst the Chartists at the moment about a key support level in Ethereum, so here's a brief explanation of what is being said.
The support comes in at 518 in US dollar terms and relates to the first breakout rally back on December 11th. On that particular day the market closed at 518. The following day the market opened at that exact same price and began a spectacular rally. Those few days also saw the biggest volumes we have seen in this market and they have not yet been matched, even in the recent panic selling. Ethereum is putting up a defence at current levels, just above $600, but needs to do more to calm the nerves.
One thing is for sure, one could expect plenty of activity should we take a look at this 518 level, but I suspect there will be plenty of buyers waiting in the wings before hand.