Ethereum looks close to breaking out of its long-running ascending triangle pattern. Taking the high and low at the start of the trend we can fib out to $580 as a reasonable target. This is invalidated if price breaks out south below the support line.
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We are clear through the 0.786 fib ($352) zone of resistance. Next resistance to watch for is the 400/ATH zone. Expect volume to explode if daily closes above $400.
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New ATH reached, $400 resistance being tested!
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$400 resistance broken. Conservative target now is $580.
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As expected, $400 was strong resistance now turned strong support. Any buy at around $400 or below is a great entry here.
Seems like Ethereum just broke through the first resistance level
dukeofdolma
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@BillMeyer, yup! Quickly approaching next resistance at ~$400
BillMeyer
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@NathanAB, I think I'm getting tired of Ethereum now. Been quite some time that it showed any decent returns. Every bloody time you think it is now on proper road, it starts trading sideways again and drops back....
dukeofdolma
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@BillMeyer, it's still within the ascending triangle so this is to be expected. If you're holding ETH and frustrated by continued consolidation I would suggest waiting for it break out of this pattern. The triangle ends at December 25 so there should be significant movement (I'm predicting northward) by then.
BillMeyer
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@NathanAB, It's beginning to look like overhype and no delivery on Ethe all the time. Lost so much value against BTC and not really gaining against USD. If Eth does not move, I think investors should be wary of it. Looks like too many ICO's are dumping their coins whenever it shows a bit of value.
dukeofdolma
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@BillMeyer, I still think it will go to $580 but you're right, it's getting outpaced quickly by BTC.
BillMeyer
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@NathanAB, OK - Triangle Pattern breakout from what I'm checking (Was expecting it in the next day or so)
And this time BTC heading down...
Will this be the "Big Breakout"?
Let's see if it hits the $580 this time around.
BillMeyer
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@NathanAB, Watch my prediction. We will see Eth (and most likely LTC) appearing to "sync" with BTC. BTC will go up, Eth will follow about 20%, - 30% of the way up, look very Bullish.... and then suddenly start trading sideways - all Technical Analysis be damned. Then it will suddenly "decouple" from BTC, except for when BTC corrects downward. Go check the historical pattern for the previous Bullish moves by Eth. If it does not break this pattern of following BTC half-halfheartedly before losing steam I fear Eth is on a road to nowhere good.