After doing some analysis on COINBASE:ETHUSD I have mapped out a high probability scenario. ETHUSD is looking to breakout of an ascending triangle wedge pattern to the upside. My price target for the breakout is $500.
What makes you think that it’s going to break upwards? There’s about to be buying frenzy as BTC corrects. This reduced buy volume always has and will affect ETH.
rarewalt
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@lcompton, ETHUSD has been trading inversely to BTC lately and as of now ETH is a much bigger value vs BTC. My theory is that people have begun to move money from BTC into ETH. Also the ability to trade paper BTC futures on mainstream exchanges will manipulate the price of BTC. Look at how paper Gold futures have been manipulated over the years. The big banks will drive the price down to force people out in efforts to contain the price.
WorldEconomics
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@rarewalt, - That could be true as Ether is the only one between BTC and LTC that is in the green where as everything else is in correction. Ether has been out performing BTC/LTC in the last two-days. Plus, its been more predictable and stable.
rarewalt
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@BankofEngland, Exactly! I do believe we will pullback in the short term but this is my longer term view and I will look to buy the dips.