My analysis on the daily Ethereum chart tells me we are at the point where we could see a large move on Ethereum. My personal Bias is Long and I see a bullish wedge formation which can lead to the next leg up.
To find the point where price may terminate we measure the opening of the wedge from the 1320 ish area to the bottom support line = $1,112.00.
I then project this amount when a daily candle breaches and closes above or below the lines indicated on the chart. The Long projection lines up with the 127% Extension Fib level of the first corrective wave after the rise. If price closes about the 947.82 area then this is the next level to take profit. Also be aware of the 'almost double top' near 1325 ish - sometimes price action fails just before the ATH and capitulates so keep an eye on any bearish candles that may signal price changing trend.
If price breaks to the south we are heading to 97.90 after breaching 158.
@gillianpatrice, what are your thoughts currently on ETH? I'm looking at this chart right now, and I kind of am feeling like this is a fakeout to trap the bears before it shoots upwards? Similarly to what bitcoin has done previously. What are your thoughts on this?
InvestingScope
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On 1D it is the final Resistance hence a high risk/ reward place to short:
johntradingwick
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Good work, Gillian. I posted something similar few days. See here:
gillianpatrice
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@imfamousrajat, Love your chart. Thank you for sharing. The Armaggedon for Ethereum will happen.
johntradingwick
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@gillianpatrice, Thank you. Damn, the whole market is plummeting today.!
Susie004
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awesome thank you
Kgear117
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LOL @ copied right off the seeking crypto's page. Nice try.
tmhung
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@Kgear117, She is the one who wrote this article on SC ... Check the author on SC
Kgear117
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@tmhung, Mind blown. LMAO, usually the sig is on the page.