Ethereum (ETH) is one of the good projects out there. Currently at 2nd in Coinmarketcap.
Now it is in the decision stage. Will it break out or will it fall down and go bearish.
Let us consider both the scenario,
Bullish sign:
Now it is short term uptrend. we need to break out 995-1000 region to go full Bullish. This might happen as it broke the RSI downtrend (short). The main important signal for Bullish is MACD cross over. There is a chance for Elliot wave ABCD pattern.
Bearish sign:
Considering Elliot pattern (ABCDE pattern), It might need to cool off at-least till 398-486$ region to start the rally. RSI is not out of the woods completely. Yes it had break the short term downtrend but not the long term downtrend.
Which one do you think it will happen?
Personally, I am thinking break out is definitely needed one for Ethereum (ETH) as we had dropped off heavily before and found big support on 700$ region.
Thanks!
Srinath
Now it is in the decision stage. Will it break out or will it fall down and go bearish.
Let us consider both the scenario,
Bullish sign:
Now it is short term uptrend. we need to break out 995-1000 region to go full Bullish. This might happen as it broke the RSI downtrend (short). The main important signal for Bullish is MACD cross over. There is a chance for Elliot wave ABCD pattern.
Bearish sign:
Considering Elliot pattern (ABCDE pattern), It might need to cool off at-least till 398-486$ region to start the rally. RSI is not out of the woods completely. Yes it had break the short term downtrend but not the long term downtrend.
Which one do you think it will happen?
Personally, I am thinking break out is definitely needed one for Ethereum (ETH) as we had dropped off heavily before and found big support on 700$ region.
Thanks!
Srinath
Comment:
we broke out of the trend line. There is a big support 677 - 760$ range. Reversal over there is possible too. If we break that then we are exactly forming Elliot pattern E.
Comment:
We broke our Support. Elliot wave E Buy Zone is 400 - 485$