micahjmiller
Long

Ethereum Enters Accumulation Range

BINANCE:ETHBTC   Ethereum / Bitcoin
As Bitcoin starts to turn around, Ethereum and others appear to be bottoming. What I like about this play is that Ethereum has been known to run up a bit faster than Bitcoin during a bull cycle. If one was looking to stack more BTC , they can find opportunities similar to this one.

Simple TA here.

Ethereum has obeyed the trendline drawn from it's January '18 highs. Just over a year later, it's broken free from that trendline , established a low, signaled oversold on the RSI , and is now in it's bottoming range IMO .

The upper end of the range holds resistance at around 42,000 Satoshis, while the lower end of the range holds support at 24,000 Satoshis.

We can see an apparent wedge pattern setting up. A break to the upside would be a test on the upper end of the range, and a break down of the wedge would end up being a test of the lower end.

I have some ETH, and am planning to sell into strength if a test at 42,000 satoshis comes.

If ETH heads to 24k, I plan to buy more.
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