Ethereum is getting really juicy and with much reason. These are very exciting times for Ethereum. As the cryptocurrency market matures many people are realizing Ethereum is not only essential, but a vital part of the entire cryptocurrency ecosystem, especially in Decentralized Finance (DeFi).
We've broken through a major milestone and resistance area since great 2018 boom surpassing trading in the $1300 -$1380 zone. We have an ascending channel developing on the 4 hour for the past week. If this channel and momentum holds we will be at the great psychological number of $2000 by early February or sooner. Of course I say this in a "perfect" case scenario.
We are on the starting line for a new price discovery for Ethereum this week. If the trend doesn't hold we fall back down to previous support levels. Please understand and take caution that we are also in oversold territory for Ethereum.
Support Area: $1225 Resistance Area: Price Discovery
Cheers everybody! Much peace and love. Happy trading and Investing.
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Comment: *Please understand and take caution that we are also in *OVERBOUGHT* territory for Ethereum.*
Typo on my part everybody. We are overbought not oversold. My apologies.
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Ethereum testing that previous resistance area of $1350. Lets see if this previous resistance forms a new solid support level of $1350.
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We're still riding within that 4 hour channel. The $1350 area is starting to look like it may be turning to a support zone. Ethereum is producing higher lows.
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We have been hugging that resistance of $1350. Solid support level there. Making higher lows as well. We're still bullish on Ethereum this month.
Whats up Brother!! I am loving ETH and smart contracts.
peacefuljustin
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@josesantos1978, Jose! Appreciate it Brother! Still a good time to accumulate =)
peacefuljustin
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Well we didn't hit $2000 early February but we're here now! Cheers everybody for Holding.
peacefuljustin
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Bitcoin sweeps everything under the rug. Everything is getting temporarily discounted. We've fallen out of the 4 hour ascending wedge back down to previous support levels. The majority of coins' performances will be contingent on Bitcoins price movements.
We are still trading well within support and resistance zones. Still Above the 50 and 100 day Moving Average as well.
Current support: $1050
If we don't hold $1050 we're going back into the 900s.
The overall macro trend is still positive though we are oversold on the weekly RSI. Be patient and be long term. Cheers.