You may recognize this Ethereum analysis from my previous one. You may also recognize this analysis from my Bitcoin analysis that I have just posted a few hours ago (See related ideas for more information regarding this). The reason for this is simple, because they are following the same movement. You probably all saw lately that Bitcoin and Ethereum have not been following each other and somewhat decoupled from one another as Ethereum tanked when Bitcoin was seeking Bitcoin dominance at the same time!
As it stands, Ethereum and Bitcoin appear to have stopped hemorrhaging to the downside together and have both made recovery. the decouple has totally stopped now and they appear to be in harmony yet again which is GREAT news for people holding a diverse Cryptocurrency portfolio as their portfolio (For the time being) can be considered stable.
Both Bitcoin and Ethereum are above the 20 moving average at present and both appear to be at least proposing that 20 moving COULD act as a support level now. If Ethereum trades above 201 without having a candlestick close below it, then technically we're in bullish territory still factually (Because the lower high remains confirmed and the 20 moving average isn't negated). Above 235 and can be a comfortable buyer.
Anyone who think's Ethereum is bearish from current levels despite what I said above, do let me know when you're selling them so I can buy personally from you... I could do with a new set of golf clubs as it goes.
Where do YOU think price is heading? Leave a comment below with a chart and let's share our thoughts!
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Thank you Tom. We believe that the 1W Channel Down Resistance will be enough to keep the price on a bearish course. Thus we are targeting 176.16 and 138.61: