First, we are still targetting the 450-500 area. We can notice in the lines I marked up in purple that Ether is currently forming an and is going to break out very shortly from these highs. While BTC has broken out and has gotten a large move, ETH has not quite yet. We are almost there. We just need to break 275, and then 300. I would expect that once 275 is broken this go around it will go up to 300 much quicker. These levels are the core resistance levels. Once 300 is broken, there really isn't a until 375. If that breaks, we should move to the 450-500 area.
While is oversold on the daily, it's important to note that we are following the weekly at this point and aren't oversold yet on the weekly.
is positive on the daily and VERY strong on the weekly. \
I outlined how I think the moves are going to play out at this point. A pop up to 300, pull back, and then another big pop up to 375 after that, etc...
Upside pressure remains and we will continue to move higher barring nothing to crazy happens with news events.
Happy trading and hodling,
I really don't like the divergence that is forming on the daily or the fact that it's just not pushing up and breaking the triangle at the same time BTC did. I will be putting protective stops in on some of my entries below the triangle formation for a re-entry.
While this last move to the downside has been quite violent. Ultimately we made a new high in ETH, which is bullish. However, we still have that divergence. Stick to the original plan, stops below the triangle.