- Forming last ABCDE pulse, looking to break ATM - Possible short position available after final pulse up. - Potential repeat of Ripple with strong final surge up. - For strong final surge upward towards $1500-$1644, looking for strengthening in DMI (last 7 4h candles in green)
I posted a short while ago that Ethereum might repeat the Ripple ABCDE formation with a reprice downwards. Ethereum is now on it's final pulse up though for a convincing surge upwards, it would need to break through it's current ATH of $1378. I'm keeping my eye on the DMI to strengthen with the +DI (green line) to move upwards above the red -DI and the index (blue) to move higher.
Final legs of ABCDE can be short -> let's see how this one plays out before reprice downwards. If it follows Ripple's pattern it will reach the $1500. Ripple did a very strong final pulse but for Ethereum, that second pulse upward was very elongated and I'd be surprised to see a repeat of that.
And now for the disclosure! ** This information is for educational purposes only and not intended for advice on trading **
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Just realised that the starting point of the ABCDE isn't technically correct as the second pulse shouldn't be that short. Either way, revising the next points of resistance to be: - ATH of $1378 - Fib extension 1475 - FIb extension 1581
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And it breaks ATH - now to 1475
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Eth finishes the final leg up. Didn't quite muster enough strength to reach above $1,500
Expecting a reprice down though should stay above 1k.
I agree with this analysis completely. ETH over $1400 is now overbought and it should come crashing down to $1000. I think that there is a tremendous long position on this coin for 2018 after the correction, and I hope to see support in the $900-1000 range. Nice analysis!
Tdunlap1310
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@mxcrypt, Seems like ETH is just doing what bitcoin did last year. Everyone expects the correction and it just goes up and up and up. We will see.
hyper_cubist
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@Tdunlap1310, Not quite true. Nothing goes up without corrections. Take a look at BTC from March 10th to March 26th of last year. It shot up to $1350 and then right back down to $850 before going on its next big run. There was a similar magnitude flash crash of BTC back in last January. Of course I also want a 1 million dollar ETH, but we have to be realistic when looking at these markets. ETH will have to correct. It is healthy for the coins growth. Look to the BTC historicals to get a sense of what will happen with ETH. It would be no surprise to have it touch below 1k a few more times before charging on up.
Tdunlap1310
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@mxcrypt, I was more referring to BTC from October to December-ish. But yes I get it, ETH will correct along the way.
PNUTTY
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@mxcrypt, Also true! Thanks for your comment!.
Bitcoin's ultimate strategy was just to hold on for dear life until 20k . . . .lol
,,,m7j\