This is an update for my previous chart on Ethereum. See the link for the earlier chart in which Ethereum ended up entering the "Realistic Drop Zone," although my anticipated timing was off, the descending areas have been holding up well. I've kept the indicator lines and extended the time frame. The new "Realistic Drop Zone" has been moved to around $295-350 should Bitcoin continue on it's descent (which is still in the cards).
Note that Ethereum has been riding under the EMA 50 & EMA 200 lines and has been struggling to keep a 0.055 ratio with Bitcoin. Any quick downwards movement from Bitcoin and Ethereum will be fighting for it's dominance and price as well.
The orange-red lines indicate the area in which Ethereum will enter should Bitcoin breach into the $6000 - $6200 territory. Keep in mind that a loss of pairing value (ETH/BTC) may cause further decrease below $295. I do believe that Ethereum has been showing signs that it is reaching a point of stability against Bitcoin however, and going much further below $295 is not as likely for the present.
Note that Ethereum has been riding under the EMA 50 & EMA 200 lines and has been struggling to keep a 0.055 ratio with Bitcoin. Any quick downwards movement from Bitcoin and Ethereum will be fighting for it's dominance and price as well.
The orange-red lines indicate the area in which Ethereum will enter should Bitcoin breach into the $6000 - $6200 territory. Keep in mind that a loss of pairing value (ETH/BTC) may cause further decrease below $295. I do believe that Ethereum has been showing signs that it is reaching a point of stability against Bitcoin however, and going much further below $295 is not as likely for the present.
Comment:
Ethereum is closing in on the price line of $420, the EMA 200, and my diagonal orange downtrend indicator line. There will be very hard resistance there. What happens next depends upon that highly relevant area. Right now it appears as though we will be hitting it or coming very close to doing so.
Comment:
Ethereum rejected right off the area indicated and has started moving down again.It has also shown us that the $420 price and the MA 200 are extremely tough resistance and also proved the validity of the orange downward trend line. I expect that now we will continue into a drop and have also increased the likelihood of achieving a breach into the "Further Carnage Zone" in the future.
As for right now, expect Ethereum to test the $360-370 area again soon. When it does so, there is a high probability of it driving deep down to the $315-320 area with a possible rebound to $350. For now, keep an eye on the return to the $370 line.
As for right now, expect Ethereum to test the $360-370 area again soon. When it does so, there is a high probability of it driving deep down to the $315-320 area with a possible rebound to $350. For now, keep an eye on the return to the $370 line.
Comment:
Ethereum re-tested the $370 as anticipated. I see a good chance of it returning to around the $400 line and dropping back for another test at the $370 mark. This post-test is likely to break the line and Ethereum will be looking at $350 next.
Summary:
$370->$400 (Current direction)
$400->$370 (Return direction)
$370->$350 (Watch for the candle close)
Summary:
$370->$400 (Current direction)
$400->$370 (Return direction)
$370->$350 (Watch for the candle close)
Comment:
Ethereum didn't move as high as expected (only an increase to around $385). Right now we are about to see either an increase to around that same area or just as easily a decrease down to $350.
The end game still looks to be at least within the $295-$315 range (if not lower), with a high chance of that occurring by the end of next week. Keep an eye on the indicator price lines.
The end game still looks to be at least within the $295-$315 range (if not lower), with a high chance of that occurring by the end of next week. Keep an eye on the indicator price lines.
Comment:
The $400 mark was reached later and met huge resistance. The orange downward trend line is still in effect, expect any later increases to continuously be below it at this point. A drop down to $350 and a break through that level becomes closer and closer to reality as time goes on. I expect the price will continue to play around the $390-405 area a bit more before going back down however.
