Hi Traders!
Last week we looked at the main cryptocurrency, and that is Bitcoin. Today we look at the largest altcoin - Ethereum.
The Ethereum chart is extremely important for other altcoins as well. This coin represents a group called altcoins. Today we look at the daily chart.
We are now in an absolutely key situation on the daily chart for several reasons. First of all, we are testing the trend line from 2019. COVID-19 caused a sharp drop in March, after which Ethereum was able to get back quite quickly. We tested the trend line at the beginning of June for the first time. Since then, we are still consolidating and ETH is waiting, so is Bitcoin and basically the entire market.
Provided we get through the given trend line, only the first condition that we need will be fulfilled. Next, we will need to create a higher-high, or in other words higher maximum, and that is above the level of 288 USD.
For the bull market, we simply need to get over 288 USD. Even though we are close, we have not won by far, because we have not yet been able to subdue either of these two resistances.
May the crypto be with you!
Last week we looked at the main cryptocurrency, and that is Bitcoin. Today we look at the largest altcoin - Ethereum.
The Ethereum chart is extremely important for other altcoins as well. This coin represents a group called altcoins. Today we look at the daily chart.
We are now in an absolutely key situation on the daily chart for several reasons. First of all, we are testing the trend line from 2019. COVID-19 caused a sharp drop in March, after which Ethereum was able to get back quite quickly. We tested the trend line at the beginning of June for the first time. Since then, we are still consolidating and ETH is waiting, so is Bitcoin and basically the entire market.
Provided we get through the given trend line, only the first condition that we need will be fulfilled. Next, we will need to create a higher-high, or in other words higher maximum, and that is above the level of 288 USD.
For the bull market, we simply need to get over 288 USD. Even though we are close, we have not won by far, because we have not yet been able to subdue either of these two resistances.
May the crypto be with you!