Since ETH has broken out of it's long downward trend (early January 2020), it's been on an uptrend and I pointed this out in Bitcoin Masons discord (the best Crypto discord, IMHO) when it broke out. Furthermore, I pointed out in Bitcoin Masons that I see a potential "W" formation and so far, it's playing its course. Please note, ETH will face tough resistance in the $320s (bottom of weekly Ichimoku Cloud resistance, currently). However, ETH has overcame the this resistance before so I don't foresee ETH having major trouble conquering this once again within the next couple months. Also to note, ETH did not come near the weekly Ichimoku resistance throughout 2019. So....if ETH enters the weekly Ichimoku with strong buy volume, I expect $500-$600 or Low $700 (the top of the weekly Ichimoku) mid-term before a big pull-back. The weekly indicators, to include the Alpha Reversal are looking good to back up my bullish thesis.
Comment:
Here's a better chart with the Fib retracements. $170 is critical support, which happens to fall in on the 0.5 Fib. Caution, the RSI on the daily and 3-day are in the oversold territory so please be careful.
Comment:
Ok. Here's a clearer chart without the Ichimoku so you can see the Fibs.