Hi all,
Ethereum successfully surpassed the $216-$220 zone on Friday and broke above the last possible major retracement level from the mid-term downtrend.
On Saturday, May 30, it continued to march up and hit $243 in its best one-day increase since April 6. The last day of the month came with a drop to $231 as the coin erased 5 percent in an expected pullback, which might be attributed also to price-taking activities.
I've marked $240 and not $245 or $250 as the next major target up for a good reason. This level had proofed many times in the past already it is critical to the trend, no matter bull or bear and since 2018 we've seen it act as a solid barrier mainly in front of bulls. Actually they managed to break above it only twice since all-time high and that was in June 2019 and this February.
Now, I expect a fight here, so don't be surprised if we see some ranging here for a few days or even weeks.
On the other hand, there is a bull flag being formed on the 4-h chart
...and volumes keep being stable around $12 billion since Thursday...
I would definitely not recommend opening shorts here at least until the current setup evolves.
Cheers,
Ethereum successfully surpassed the $216-$220 zone on Friday and broke above the last possible major retracement level from the mid-term downtrend.
On Saturday, May 30, it continued to march up and hit $243 in its best one-day increase since April 6. The last day of the month came with a drop to $231 as the coin erased 5 percent in an expected pullback, which might be attributed also to price-taking activities.
I've marked $240 and not $245 or $250 as the next major target up for a good reason. This level had proofed many times in the past already it is critical to the trend, no matter bull or bear and since 2018 we've seen it act as a solid barrier mainly in front of bulls. Actually they managed to break above it only twice since all-time high and that was in June 2019 and this February.
Now, I expect a fight here, so don't be surprised if we see some ranging here for a few days or even weeks.
On the other hand, there is a bull flag being formed on the 4-h chart
...and volumes keep being stable around $12 billion since Thursday...
I would definitely not recommend opening shorts here at least until the current setup evolves.
Cheers,
Something very similar to an ascending triangle is being built on the 1h chart