Ethereum: New King Is Coming

I wrote about Bitcoin using the weekly timeframe just in order to show the whole picture. You can read that review in the post from the related ideas.

Today, let's talk about Ethereum as this coin is becoming a hot market.
Probably, we will see a strong upside movement with huge potential profit.

If we talk about trend market conditions, we can say that it is a bearish market. We have lower swing highs and lows. We can draw a descending price channel, and the price moves in the borders of this channel. At the same time, we can draw a triangle that tells us more about the consolidation period after the strong downside movement from ATH.

What is really interesting, the upper line of the price channel and the upper line of the triangle are the same, and it is the key line for the market well. The price action in this zone will be very important for further market movement.

If the price bounces from this zone, we should be ready to see a pullback to the uptrend lines. It won't give a solid bearish signal as the market will continue the consolidation in the borders of the same patterns.


But if the price can break this downtrend line, it will be a strong bullish signal. The breakout from the price channel will give us a trend reversal signal. The breakout from the triangle will give us a signal that the market is going to start a new uptrend. The breakout will give us a solid bullish signal, which will be supported by a fundamental event. Don't forget about Ethereum 2.0 and the potential which Ethereum has right now.

If we compare Bitcoin's ATH with Ethereum's ATH, the top altcoin looks much more interesting as it has much more space for the upside movement. Probably, we will see a situation when Ethereum will become a new driver for the whole crypto world. Definitely, ETHUSD must be in the watchlist of everyone who is interested in crypto trading.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.