ETH has had more than a month long consolidation and accumulation period. It tested the 295 eur resistance a couple of times and failed back down with a false breakout.
This time, it has a very nice supportive structure with multiple higher lows and higher highs in place, and the buying volume looks great in this last move up to the resistance line.
Note the black downtrend line on the chart. That is the main downtrend line which ETH never managed to break since the all-time-highs in June.
If you're not already in, it is important to wait until the price decisively breaks out of this major trendline (with good volume), and the 295 eur fibonacci resistance as a confirmation of the beginning of a new uptrend which can take this market to new highs (probably even surpassing the all-time-highs set in June).
First target 334-340 eur resistance zone.
This time, it has a very nice supportive structure with multiple higher lows and higher highs in place, and the buying volume looks great in this last move up to the resistance line.
Note the black downtrend line on the chart. That is the main downtrend line which ETH never managed to break since the all-time-highs in June.
If you're not already in, it is important to wait until the price decisively breaks out of this major trendline (with good volume), and the 295 eur fibonacci resistance as a confirmation of the beginning of a new uptrend which can take this market to new highs (probably even surpassing the all-time-highs set in June).
First target 334-340 eur resistance zone.
Comment:
The uptrend now has strong confirmation with large volume breakout.
Trade closed manually:
BTC will be correcting down to 6100-6200 EUR level. Unfortunately, this market is still heavily correlated with BTC, so that will most probably affect it as well.
It's best to lock in the profits from this trade here, and buy back on lower price levels, depending on how much ETH will follow BTC on its way down.
This trade still brought us some nice profits nonetheless.
It's best to lock in the profits from this trade here, and buy back on lower price levels, depending on how much ETH will follow BTC on its way down.
This trade still brought us some nice profits nonetheless.
Comment:
We have a breakout. If the price manages to close a 4h candle above 325 eur level, this will create a great structure for ETH to test the ATH once again.
Comment:
Target reached.
ETH now has a nice structure to keep moving up.
I will post a new analysis with new targets.
ETH now has a nice structure to keep moving up.
I will post a new analysis with new targets.