ETH is in A Lifelong Bull Trend! Here's The Path To a New ATH!
Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! Looking at the weekly ETH chart, you can see that ETH remains in an overall long-term uptrend. Since it's inception, ETH has printed nothing but higher highs and higher lows. So, from a technical standpoint, it remains in a long-term uptrend.
However, looking at the broad chart, we can see that ETH entered a symmetrical triangle type formation (in blue.) Most recently, you can see that ETH actually broke to the downside, just before it reached the apex of the triangle. Additionally, ETH has fallen below the 200 week MA (in purple,) and is now testing the 50 week MA (in orange.) So, ETH remains in a long-term bullish uptrend, but it needs to get above the 50 and 200 MAs. From there, the bulls will want to see ETH rise above the apex of the triangle, which is currently converging with a cluster of other resistance. If ETH can conquer those resistance levels, a weekly candle close above 384 (which is the high from June) will be a sign that new all time highs are in the cards.
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
However, looking at the broad chart, we can see that ETH entered a symmetrical triangle type formation (in blue.) Most recently, you can see that ETH actually broke to the downside, just before it reached the apex of the triangle. Additionally, ETH has fallen below the 200 week MA (in purple,) and is now testing the 50 week MA (in orange.) So, ETH remains in a long-term bullish uptrend, but it needs to get above the 50 and 200 MAs. From there, the bulls will want to see ETH rise above the apex of the triangle, which is currently converging with a cluster of other resistance. If ETH can conquer those resistance levels, a weekly candle close above 384 (which is the high from June) will be a sign that new all time highs are in the cards.
#PoopLovesYou
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-