Cryptoray8
Long

ETH showing bullish signs

COINBASE:ETHUSD   Ethereum / U.S. Dollar
This is more of a hypothesis being tested than analysis. It is a cautious analysis using new tools.

The initial trend between Line A and B formed a rising wedge . However it broke and the price took support around 233 (Low of 226), before again jumping into the rising wedge channel. Although the channel seems to have played but lower support(Line B) continues to be intact.

The MACD crossover seems to be happening soon which will put PA back into the channel. Since the rising wedge is already broken this might lead to new highs. The upper resistance line (Line A) can act as short term resistance.

How this scenario plays out will be interesting as this sideways movement has not given adhered to any support or resistance level . However a break above seems imminent.

Conversely, If the support of 233 is broken convincingly, we might see 217 and then 200. before moving up.

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