Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! Looking at the daily ETH chart, we can see that Ether remains in a downtrend channel (in blue.) However, price is currently holding above the 50 EMA (in orange,) and testing the top of the downtrend channel. So, price is currently being pinched between those two key levels. Therefore, we can expect that whichever direction ETH breaks out in, could produce some large volatility.
One interesting thing to note, is that much like LTC was, ETH is falling in a downtrend channel. Perhaps the LTC breakout has dramatically led ETH and other cryptocurrencies that are in a similar technical position. That being said, if ETH does manage to break out, it could be very powerful. In fact, we could see a rally all the way to the 167 level, should price break out above this downtrend channel.
The MACD has printed major bullish divergences, but has yet to cause price to react to the upside. So, keep a close eye on the direction we take, between the top of the downtrend channel and the 50 EMA.
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-
One interesting thing to note, is that much like LTC was, ETH is falling in a downtrend channel. Perhaps the LTC breakout has dramatically led ETH and other cryptocurrencies that are in a similar technical position. That being said, if ETH does manage to break out, it could be very powerful. In fact, we could see a rally all the way to the 167 level, should price break out above this downtrend channel.
The MACD has printed major bullish divergences, but has yet to cause price to react to the upside. So, keep a close eye on the direction we take, between the top of the downtrend channel and the 50 EMA.
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-