Haven't looked into Ethereum for a while and the reason is because it has been trading on an incredibly steady bullish pattern. The price has been accumulating, then spiking to a standard peak, profit taking. Then the process is repeated.
What stands out as the strong signal of an upcoming rise is the crossing of the MA50 and MA200 on the 4H chart. The MA200 always supports while the MA50 directs. Once crossed they remain aligned for a while (essentially the accumulation phase) before the MA50 breaks upwards again, delivering the spike. The RSI pattern is also similar.
Currently the two MA periods are crossed so I expect ETH to accumulate. Good time to load more longs in my opinion for a break above $320!
ETH as been battling the 400SMA; It broke above, tested with the red wick, and will likely close above. The {gains}={all kinds] as ETHUSD tramples to the 500 and 600, where BTCUSD and LTCUSD currently live. We may see a day or two of testing at each MA.
TradingShot
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@FerroIgnique, As long as the lower MA supports we are fine.
mfibbs
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It’s just a b wave to .618 , right To our BEarish trendline. We got rejected and we have five waves down To finish Wave 4 Write down to our trend line support. Then we will move up to the three $350 range for wave 5, which will finish wave 1 of our bull market. Followed by a huge dump to the 618 fib level to finish wave 2. At that point you will never see Ethereum this jeep again
BillyNare
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@mfibbs, Let's see if it plays out just like your crystal ball says.
TradeIndicators
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Ready for a move up like you're showing! :)
Currently up 3.09% and scaling out just in case we get a drop. Love your TA man, will always be a fan and follower of you brother!
TradingShot
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@TradeIndicators, Wonderful indicator Martin! Profiting on ETH as well, good job!