I am not that confident about short term movement, ETH' looks very weak at the moment. Moving below that blue curved line for days now. If we see that line break, we could see something happen again, maybe another attack of the 140ish level. Now since this 140 level has been such a big (neckline), we should see a big jump up when it breaks. If we don't see a big jump, i would be very careful with long positions.
Bigger picture: there is room for another drop towards 120ish and keeping that triangle intact. Because the last rally got stopped again around 160, this triangle could be real. If the bulls are able to touch it one more time, i think the chances will be like 80% that it will break it eventually. A third touch is usually a sign that bulls are in control, like a hidden sign.
Short term, as long as we stay below that curved line, we have to assume we could see a drop again to 115/125. I think if it drops, probably be below last weeks low, so closer to 120ish. If we break the blue curved line, we should see an attack on the 140 zone. I explained above what we need to see if it happens.
I think a break of 130ish will be bad news again. A break of 134ish, should be a bullish sign, would mean the weight of that curved line is out of play. This triangle on the left could be something to watch
Friends, please take a look at my analysis as well!
I’ve reached a very similar conclusion about the price forecast for ETH/USD, but via different chart patterns & indicators.
You’ll certainly find it useful! I'd greatly appreciate it, if you leave your feedback!
While ETH has the most code developers in the news, they can't decide whether the price goes up or down, and these ico COINS are eating away at ETH's market value bit by bit.