ETH's breakout today has me taking a bit of a closer look at the 'bigger picture', as i see it. It appears that it may be starting its next leg up; and assuming the 80.60 low is bottom for the short term future, i could see it easily having enough momentum to double again from here. With Consensus approaching and this POS transition approaching, interest is sure to remain high in Ethereum for the near future.
daily breakout from wedge pattern:
At its current price in the 170s, we have already more than doubled off that dec low:
In the 4+ months since we saw its lowest low of 80.60, we have been making higher lows and higher highs, something we have not seen since before and up to it's all-time high in the 1400s.
After breaking out of the recent wedge pattern with today's daily candle, it looks poised to take a run at a new higher high from its early April high in 186s :
I am also encouraged by the fact that the length of time from that Dec low is now longer than the length of time from its 131 days from last April-August 2018 in between a lower low.
I also included a BTC chart when looking at the length of time in between major lows from last year, as it is indicative of the 'broader' market..in its own way.
length of time between lows last year:
length of time between lows current:
length of time between lows combined:
I just wanted to point out the fact we are increasing the lengths of time in between major lower lows.
Back to the main point that should ETH make a new higher high here, I see a good amount of upward space before next areas of major resistance. This of course also depends on what BTC does at 6000-6200 (assuming it hits 6k)
The 50 week SMA and EMA are in the 230s and that would be the first weekly price (235) that i would be looking for.
After that, I am eyeing 365 for a next major target. That represents 3 potential convergent resistance areas---->
1. Low of the March/April 2018 swing low. The low which held for 4+ months. (although, it should have acted as support in August as priced fell back to the prior low, but we fell right through it; so not entirely convinced its meaningful with a much more meaningful horizontal support/resistance trend-line a little higher up at 400ish)
2. A fib line drawn from Jan 2018 all-time high of 1419.96 (coinbase) to its Dec 2018 80.60 low, shows us that 367.22 would be the first major fib level to watch (.786)
(****
Depending on which way you go with your fib levels, if you flip it, the corresponding .236 fib level would change to 396.69:
****)
3. A fib line drawn for its last major high in May 2018 at 828.97 to that same Dec 2018 low of 80.60, shows us that 366.48 would be the 2nd major fib level to watch (.618)
(***Again, depending on which way you have your fib lines set. However, in this case, the 366.48 level is the same whether its the .618 or the .382***)
Should prices climb to 235 (50 week ma's), that would represent a roughly 35% gain from current levels.
Should prices climb to those convergent fib levels at 365, that represents an almost 110% gain from current levels.
(Using 174 as my starting price as was just slightly below that when i took these screenshots; despite by time of publishing, prices nearer 180)
(after 365 would be 400, imo; but thats a bridge we can worry about crossing down the road, when the time perhaps comes :-) )
weekly targets:
Hope you enjoy, and please share your thoughts and comments!
Stay safe and Happy Trading
daily breakout from wedge pattern:
At its current price in the 170s, we have already more than doubled off that dec low:
In the 4+ months since we saw its lowest low of 80.60, we have been making higher lows and higher highs, something we have not seen since before and up to it's all-time high in the 1400s.
After breaking out of the recent wedge pattern with today's daily candle, it looks poised to take a run at a new higher high from its early April high in 186s :
I am also encouraged by the fact that the length of time from that Dec low is now longer than the length of time from its 131 days from last April-August 2018 in between a lower low.
I also included a BTC chart when looking at the length of time in between major lows from last year, as it is indicative of the 'broader' market..in its own way.
length of time between lows last year:
length of time between lows current:
length of time between lows combined:
I just wanted to point out the fact we are increasing the lengths of time in between major lower lows.
Back to the main point that should ETH make a new higher high here, I see a good amount of upward space before next areas of major resistance. This of course also depends on what BTC does at 6000-6200 (assuming it hits 6k)
The 50 week SMA and EMA are in the 230s and that would be the first weekly price (235) that i would be looking for.
After that, I am eyeing 365 for a next major target. That represents 3 potential convergent resistance areas---->
1. Low of the March/April 2018 swing low. The low which held for 4+ months. (although, it should have acted as support in August as priced fell back to the prior low, but we fell right through it; so not entirely convinced its meaningful with a much more meaningful horizontal support/resistance trend-line a little higher up at 400ish)
2. A fib line drawn from Jan 2018 all-time high of 1419.96 (coinbase) to its Dec 2018 80.60 low, shows us that 367.22 would be the first major fib level to watch (.786)
(****
Depending on which way you go with your fib levels, if you flip it, the corresponding .236 fib level would change to 396.69:
3. A fib line drawn for its last major high in May 2018 at 828.97 to that same Dec 2018 low of 80.60, shows us that 366.48 would be the 2nd major fib level to watch (.618)
(***Again, depending on which way you have your fib lines set. However, in this case, the 366.48 level is the same whether its the .618 or the .382***)
Should prices climb to 235 (50 week ma's), that would represent a roughly 35% gain from current levels.
Should prices climb to those convergent fib levels at 365, that represents an almost 110% gain from current levels.
(Using 174 as my starting price as was just slightly below that when i took these screenshots; despite by time of publishing, prices nearer 180)
(after 365 would be 400, imo; but thats a bridge we can worry about crossing down the road, when the time perhaps comes :-) )
weekly targets:
Hope you enjoy, and please share your thoughts and comments!
Stay safe and Happy Trading