Every trader and his avatar know the story: BTC stabilize and then ETH plays catchup. The latest move up by ETH, in this context, is simply an attempt to reach Decision Box 1, or the previous Green Target 3. The related BTC analysis’ (linked below) principle of forming a support to instill confidence would probably result in just that.
There has been a steepening of the trend in ETH. This is a good sign as to confidence in ETH itself. The green arrow on volume supports this, even though such a spike in volume, more often than not, opens the door for a “Darth Maul” shakeout to get rid of the nervous retail traders.
The current cluster of trading around this current level could result in the formation of a support if we could move away from it with conviction. Volume waning indicates that this could just be the case.
Conclusion: There has been a positive change in ETH and because the BTC Targets are close, it is really positive for ETH. The clamp down in this range (rising channel) places Decision Boxes in confluence with previous identified price levels and makes them more noteworthy. Very important to me: Please leave a like if you appreciate the effort, Please comment and develop this further, and Please follow if you see this analysis thread going somewhere that you might like to know about.
There has been a steepening of the trend in ETH. This is a good sign as to confidence in ETH itself. The green arrow on volume supports this, even though such a spike in volume, more often than not, opens the door for a “Darth Maul” shakeout to get rid of the nervous retail traders.
The current cluster of trading around this current level could result in the formation of a support if we could move away from it with conviction. Volume waning indicates that this could just be the case.
Conclusion: There has been a positive change in ETH and because the BTC Targets are close, it is really positive for ETH. The clamp down in this range (rising channel) places Decision Boxes in confluence with previous identified price levels and makes them more noteworthy. Very important to me: Please leave a like if you appreciate the effort, Please comment and develop this further, and Please follow if you see this analysis thread going somewhere that you might like to know about.
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Related BTC analysis
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Previous ETH contribution
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The next ETH contribution
