This analysis builds on previous charts made linked below.
Ether has successfully tested and a new multi-year trendline.
This pattern of breaking a multi-year trendline to the downside during a bear market and establishing a new one during the bottoming process has returned time and time again in crypto markets.
The new trendline dictates that Ethereum is going to surpass Bitcoin's market cap before 2022.
In the short run we see that we are currently at horizontal resistance, which should become support once passed.
First downtrending resistance will need to be touched at 0.048 after which consolidation till july/august is likely.
I do not intend to take out my position at 0.048 because the reward (possible retest of trendline at 0.035 or so) will not be huge compared to the risk (immediate break and rally higher)
Bull market to start shortly after.
Have a look at my older Ether ideas to have a better understanding of my big picture view.
Ether has successfully tested and a new multi-year trendline.
This pattern of breaking a multi-year trendline to the downside during a bear market and establishing a new one during the bottoming process has returned time and time again in crypto markets.
The new trendline dictates that Ethereum is going to surpass Bitcoin's market cap before 2022.
In the short run we see that we are currently at horizontal resistance, which should become support once passed.
First downtrending resistance will need to be touched at 0.048 after which consolidation till july/august is likely.
I do not intend to take out my position at 0.048 because the reward (possible retest of trendline at 0.035 or so) will not be huge compared to the risk (immediate break and rally higher)
Bull market to start shortly after.
Have a look at my older Ether ideas to have a better understanding of my big picture view.
