Today we are taking a look at Ethereum .
This beast is looking primed for a larger breakout from this symmetrical triangle in the near future - most likely to the upside - given the market sentiment and current technical indcators.
My targets for the upside are the at the very least the 2.618 or 3.618 extension before we see any major correction.
These kinds of breakouts can cause a "FOMO"-candle - reaching way overbought before correcting.
Ethereum has been lagging in terms of gains towards Bitcoin , so this is also a factor to keep in mind, for this reason I expect ETH to get nicely pumped when it breaks out.
A break below 150$ may cause a broader correction together with rest of the crypto-market, remember that Bitcoin is still the dominant force, so it will still have a impact on ETH
The stronger support & for ETH is 139$, a break below could erase all progress ETH has made since the 'bottom'
- ETH's progress to the upside got stopped out at the 200-EMA
- ETH recently made a bounce at the . after a minor correction and is now on a journey to re-test the resistances above.
- The is looking to cross and the momentum is weakening.
- The indicator is coiling up for a expansive move just as the chart pattern.
- The holds firmly and has further room to gain more.
- In 2017 during the Crypto-euphoria ETH was at a 31% market dominance while BTC was at a 39% - The flippening meme was born.
- Ethereum 2.0 is a technical improvement on the blockchain, with a new set of mechanics ( PoS ) and improvments for scaling, this is a reason to watch out for this runner-up.
Read more about Ethereum 2.0 here: https://cryptocurrencyfacts.com/ethereum...
Many ALTS are the followers of Bitcoin , however Ethereum is not a coin like other alts - Ethereum is special and can evidently gain more against bitcoin than other coins.
From a technical standpoint I have always been a fan of Ethereum just as from a fundamental standpoint I love bitcoin .
I am still long on ETH since 88$
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IHS (Inverse Head & Shoulders) pattern seem to take shape.
We should hit the 235$ mark soon.
Stop loss .382 should provide sufficent R:R ratio.
Enjoy the trade