dannybabbev
Long

ETH bullish signal. Market back to long term uptrend

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum experienced rapid growth over the past year.

At the beginning of 2017 COINBASE:ETHUSD went to very high levels in a very fast manner. This rate of growth was unsustainable. Due to this explosive rise, in the following months the market slowed down, experienced pullbacks and continuously retested the ≈$400 resistance zone .

In the end of November the price finally broke the $400 resistance level and continued up. This finished the ascending triangle bullish formation and brought the price back to its long term trend, marked by the green lines.

We can expect the price to follow the green uptrend in the following months and follow the total cryptocurrency market cap trend.

Once the cryptocurrency market corrects as a whole, we can expect a change to a bearish trend .
the trend is bullish but in the next 3 weeks it should fall to 350 before bouncing back onto the upward trend as suggested.
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