I found something absolutely magical in the ETH chart just now! Ethereum just cleared all time resistance!!! Yes you heard that right; ETH broke a resistance line that it didn't manage to break since its inception.
The red trendline on the chart goes all the way back to 2015 where it first acted as resistance on August 8th (the second day of ETH trading) at an ETH price of $2,96; as the ETH price just opened at 3$ the day before. You could argue the insignificance but the resistance line was the start of a bear trend pushing ETH down 81% to 0,41$ on October 22, 2015. The all time resistance line was way out of sight; on that same day (Oct 22, 2015) roughly at 119$! If you would have told ETH holders that day that ETH would eventually break that resistance line and potentially hold it as support; they would have called the police.
So when did we ever re-visited this resistance line? Just now? Nope. It was 13 January 2018; ETH just set an ATH of about 1464$; to start a fierce bear market! And the resistance line? It was kissing the ETH top and as they finally reunited; the resistance line opened a can of bears and said goodbye...
How different is that now!? We meet the resistance line again with 2 trillion dollars worth of bulls and it seems like no bear can bear that; not even the all time bears! So what does this mean? Well, if we close a weekly candle above the resistance line or (even better) we see the next impulse starting from the resistance line (is that what we see right now?); then (!) we have just started this parabola and current prices will feel like dumps in the months to come... Right now we have seen 2 daily rejections and 3 days closes above the resistance; which means it is likely we start a new impulse from here!
I have been saying it many times now (check my ETH posts linked below, I warned big time for this parabola; before it happened); this bull run is the Ethereum bull run. The last one was Bitcoin centric and this one will make Ethereum the center of blockchain and the crypto market. To add to that; I believe ETH is the coin to hold now given most alts are just straight pump and dump while ETH right here does an average 20% every week without any major pullbacks thus far. (unless you have weak hands)
So, if we hold above the resistance like we do now; our all time resistance line has turned into support and the all time bears are defeated...
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
The red trendline on the chart goes all the way back to 2015 where it first acted as resistance on August 8th (the second day of ETH trading) at an ETH price of $2,96; as the ETH price just opened at 3$ the day before. You could argue the insignificance but the resistance line was the start of a bear trend pushing ETH down 81% to 0,41$ on October 22, 2015. The all time resistance line was way out of sight; on that same day (Oct 22, 2015) roughly at 119$! If you would have told ETH holders that day that ETH would eventually break that resistance line and potentially hold it as support; they would have called the police.
So when did we ever re-visited this resistance line? Just now? Nope. It was 13 January 2018; ETH just set an ATH of about 1464$; to start a fierce bear market! And the resistance line? It was kissing the ETH top and as they finally reunited; the resistance line opened a can of bears and said goodbye...
How different is that now!? We meet the resistance line again with 2 trillion dollars worth of bulls and it seems like no bear can bear that; not even the all time bears! So what does this mean? Well, if we close a weekly candle above the resistance line or (even better) we see the next impulse starting from the resistance line (is that what we see right now?); then (!) we have just started this parabola and current prices will feel like dumps in the months to come... Right now we have seen 2 daily rejections and 3 days closes above the resistance; which means it is likely we start a new impulse from here!
I have been saying it many times now (check my ETH posts linked below, I warned big time for this parabola; before it happened); this bull run is the Ethereum bull run. The last one was Bitcoin centric and this one will make Ethereum the center of blockchain and the crypto market. To add to that; I believe ETH is the coin to hold now given most alts are just straight pump and dump while ETH right here does an average 20% every week without any major pullbacks thus far. (unless you have weak hands)
So, if we hold above the resistance like we do now; our all time resistance line has turned into support and the all time bears are defeated...
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Comment:
ETH: what did I say? You get so many opportunities here with Ethereum; even now. You are buying the future, not a hype. I’ve explained indepth with multiple angles towards fundamentals, technology, BTC and the crypto market as a whole. The editors missed out but I hope you did not. :)
Comment:
ETH about to break 4K, traffic and volume is immense and will only gain in the coming weeks, months and years. I hope youre ready!
Comment:
aaaaaand 7 hours later: cleared 4k! ETH isnt done yet, brace yourselves!
Comment:
ETH UPDATE: this is my go to ETH chart here guys and its very simple: above 3480 is bullish; below is bearish. We are flirting with support and broke below it multiple times so a bearish scenario is more likely... In the case of a continuation of a downtrend we can expect a retrace to the next support levels at 3290, 3111 and major support is at 2730.
Important update on Twitter on 10x Club, a weekly newsletter curated by me containing research & analytics on the crypto market & the amazing opportunities during the bear market - Check my Twitter or website link below:
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