Hello all. Looking at ETHUSD on the weekly timeframe, we see that etherium is inside a major ascending channel. Similar to bitcoin's weekly chart, etherium also formed a (green) bullish hammer candlestick on the weekly timeframe and remains above the 50 weekly EMA.
This rising channel had an upward movement with a potential target at around $5,500. This is a 90% potential long trade from the current price.
Another bullish sign is indicated by the weekly 200 EMA, which indicates that the current price is trading above the 200 EMA .
The weekly stochastic RSI remains extendedly oversold with a reading of 20. Again a bullish sign for the long term.
I see Etherium going to at least to $3,800, the middle of the rising channel, and the fibonacci golden pocket.
I believe we will see Eth making a new all time high very soon with enough volume and buying pressure.
Thanks for reading, and stay tuned. Enjoy.
This rising channel had an upward movement with a potential target at around $5,500. This is a 90% potential long trade from the current price.
Another bullish sign is indicated by the weekly 200 EMA, which indicates that the current price is trading above the 200 EMA .
The weekly stochastic RSI remains extendedly oversold with a reading of 20. Again a bullish sign for the long term.
I see Etherium going to at least to $3,800, the middle of the rising channel, and the fibonacci golden pocket.
I believe we will see Eth making a new all time high very soon with enough volume and buying pressure.
Thanks for reading, and stay tuned. Enjoy.