Today's price action in Ethereum (ETH) is very positive. We have previously mentioned how the support zone between 160 and 170 is so vital for Ethereum (ETH). The 160-170 area was the takeoff point where the rally in early in 2019 began. Thus, horizontal support there is excellent, and we are happy it is holding.

We also like that yesterday's decline reversed itself so quickly. Today's bounce leads us to believe that people are subscribing to our view that buying dips in Ethereum (ETH) is a wise course of action. That said, a move above 180 is required to confirm that a breakout in Ethereum (ETH) is at hand. Stochastics show Ethereum (ETH) is ready; bulls have to come in and take control.

Bottom Line: We like our bullish thesis in Ethereum (ETH). We continue to believe that the next significant up move in crypto will be led by Ethereum (ETH).

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice.  The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.