Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency. Please read the full London CryptoCurrency Show disclaimer HERE

Ethereum is at a level where the bulls, (buyers) need to start showing their intentions to defend. Back on the 11th of December 2017 we saw a positive trading day closing the session at USD 518.00. The following day we opened at that exact price and saw the highest volumes yet traded in this crypto as the big rally began. (See arrow on chart) Although we have suffered from the recent sell off, the volumes have been quite small in comparison.

This could mean that the owners of this product are comfortable riding the storm or maybe there is a big test of nerves in the offing at $518!!!

The last time we saw any reaction from the bulls was on the 6th of February recovering from a low of Usd 545, so this could still do a job again as support. It will be interesting to watch volumes closely over the next few days! Traders are saying "a big jump in activity before reaching $518 would be a good thing. However, If we were to breach the $518 level it would not paint a pretty picture technically."

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency. Please read the full London CryptoCurrency Show disclaimer HERE