Hey guys and gals hope you are doing well and welcome to the new update on Ethereum coin. We have already seen in my previous article that the Ethereum coin is moving in a very big descending triangle. Previously when the price action was reached at the resistance the MACD was turning bearish and Stochastic also give bear cross but the momentum indicator was ignoring these bearish signals and eventually the MACD and Stochastic both turned bullish again. Now the price action is trying to break out the resistance.
All indicators are signaling to breakout the channel:
On the daily chart the price action is moving in an up channel. And if we watch the Moon phases indicator then new full moon is a appeared at the high distance above the resistance of the channel signaling to the breakout soon. If we watch that moving average convergence divergence (MACD) stochastic and Momentum indicators then we can notice that all these indicators are turned strong bullish.
Priceline is attempting to breakout next resistance:
Now if we switch to the two day chart to watch the different support and resistance levels. Then previously the price line was retesting the support of $225. Now it is trying to breakout the next resistance at $280 if this resistance will be broken out then we have the next resistance at $310.
Now I would like to draw your attention towards a very powerful bullish move by the price line of Etherum and that can be seen after placing the Ichimoku cloud indicator on the long term weekly chart. It can be easily seen that the lagging span of Ichimoku cloud has crossed up the price action and at this time it is trying to cross up the bearish cloud as well. The conversion line and the baseline have formed bull cross just below the price action and finally the candlesticks are breaking out the bearish cloud. This cloud was never broken out since after July 2018 when the price action broke down this cloud. Once it will be broken out then it will become a very strong support for the long term bullish rally as it has been working as a strong resistance for the price line. And after this break out you will never regret to buy this coin.
Conclusion:
Even though the priceline of Ethereum is almost out of the bearish cloud but so far there is not a single candlestick that has been completely opened and closed above this cloud. Therefore we need a complete opening and closing of the candlestick above the cloud then we can consider that it has been completely broken out. The price action is also trying to break out the $280 if it will be failed in breaking out this strong resistance then we can see the price line retesting the previous support of $225 again.
All indicators are signaling to breakout the channel:
On the daily chart the price action is moving in an up channel. And if we watch the Moon phases indicator then new full moon is a appeared at the high distance above the resistance of the channel signaling to the breakout soon. If we watch that moving average convergence divergence (MACD) stochastic and Momentum indicators then we can notice that all these indicators are turned strong bullish.
Priceline is attempting to breakout next resistance:
Now if we switch to the two day chart to watch the different support and resistance levels. Then previously the price line was retesting the support of $225. Now it is trying to breakout the next resistance at $280 if this resistance will be broken out then we have the next resistance at $310.
Now I would like to draw your attention towards a very powerful bullish move by the price line of Etherum and that can be seen after placing the Ichimoku cloud indicator on the long term weekly chart. It can be easily seen that the lagging span of Ichimoku cloud has crossed up the price action and at this time it is trying to cross up the bearish cloud as well. The conversion line and the baseline have formed bull cross just below the price action and finally the candlesticks are breaking out the bearish cloud. This cloud was never broken out since after July 2018 when the price action broke down this cloud. Once it will be broken out then it will become a very strong support for the long term bullish rally as it has been working as a strong resistance for the price line. And after this break out you will never regret to buy this coin.
Conclusion:
Even though the priceline of Ethereum is almost out of the bearish cloud but so far there is not a single candlestick that has been completely opened and closed above this cloud. Therefore we need a complete opening and closing of the candlestick above the cloud then we can consider that it has been completely broken out. The price action is also trying to break out the $280 if it will be failed in breaking out this strong resistance then we can see the price line retesting the previous support of $225 again.
