quantguy

Ethereum Ready to Breakout??

Short
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Ethereum has been consolidating notably, since it caught a burst of momentum from lows. We saw immediate resistance around $2200 and $2100 confirmed by multiple red triangles on the KRI . We mentioned that we could be forming a bull wedge pattern or a flag pattern , and the fact that volatility has consolidated so considerably portends a breakout soon either way. If we are able to break out then we must first clear $2200 in order to work our way back up to $2402, where we will surely see some resistance from previous lows. If reject current levels and press lower, then we should see support from the $1900's with a floor in the mid $1700's.

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