Ethereum: Update on the 25% rally and what is next.
Hello all and happy Sunday. Looking at ETHUSD on the daily timeframe, we see that the price of Ethereum has reached a resistance at 23. 6% fib retracement level at $1651. Indeed, it was interesting to see the price to break bullish out of the symmetrical triangle, instead of seeing a bloodier drop if the bear flag pattern was to play out.
It is possible that we see another pump towards the next resistance level at $1700. This is where the 200 day MA and the long descending line of resistance are.
After we saw a 25% pump towards the upside, I believe that this relief rally is almost over if not already over. Hence, the levels to watch for retracement are the fib 50% at $1490 and the 65% fib level at $1400.
Lets keep an eye on the top descending channel line (orange color) which currently flipped into support, and also the 20 day MA which is also at $1400.
If we break below the $1400 level, I still believe that we can see 3 digit numbers yet again.
Our previous ethereum char analysis and trade set up can be found below.
Thanks for reading, and stay tuned. Enjoy .
It is possible that we see another pump towards the next resistance level at $1700. This is where the 200 day MA and the long descending line of resistance are.
After we saw a 25% pump towards the upside, I believe that this relief rally is almost over if not already over. Hence, the levels to watch for retracement are the fib 50% at $1490 and the 65% fib level at $1400.
Lets keep an eye on the top descending channel line (orange color) which currently flipped into support, and also the 20 day MA which is also at $1400.
If we break below the $1400 level, I still believe that we can see 3 digit numbers yet again.
Our previous ethereum char analysis and trade set up can be found below.
Thanks for reading, and stay tuned. Enjoy .
Comment:
Happy Saturday all. Erase all my lines or open your chart and put on the daily terminal. Now look closely and you will see a perfect cup and handle pattern. Now draw a line from the Sep 12th candle to the oct 26 candle. We get a very important support sitting at $1620. we need to hold above this level on the daily for this pattern to play out. The measured target for this pattern is approximately at 2k. Keep an eye on this and be well. Cheers.
Comment:
Adjust the orange descending channel and keep an aye on that pattern. The price hit the bottom of the channel at $1076 and bounce 25%. Top of the channel sits at $1576 which is a potential 50% (measured from $1076. Daily RSI is oversold and looks bullish.