Ethereum to Bitcoin has been in a descending channel since the beginning of August which seems like we are finally breaking this channel. Since we broke the channel we reached up to the .034 level and now retraced back down to 0.30 price point which is also the top of the channel that we had broken out of and is testing the old resistance which is now turned into support! This is a crucial area for Ethereum which we will have to stay above these levels to see some higher price action. If we break down back into this descending channel then we will possibly see some lower levels or more consolidation around these prices.
As you can see in the photo above, Ethereum has set a beautiful W formation (Double bottom) which then had a rally to the upside causing us to break out of the descending channel. We are now also testing some previous support from back in November-December which we had broken to the downside but now seems like we have the potential to break this back up. There is a lot of support in this area for Ethereum and as long as we can hold this level I remain bullish and expect to see ETH have another rally to the upside in the near future!
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Seems like we are starting the breakout for ETH and now starting to pump! Lets see if we can reach to all time high soon!!
I agree with your analysis. I am expecting a significant bull run in ETH based on a further zoomed out, macro look at the ETHBTC chart.
aberajab
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@cy4rtrading, I agree, I believe ETH can hit its all time high on the ETH/BTC chart which would be about a 3x from where we are now! Thanks for the comment!
hoangvi1185
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100% Agree with your analysis.
Now is best time for long eth/btc
aberajab
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@hoangvi1185, As of today still above the support line, hopefully can just get a bounce from here and keep heading up!