ETHEREUM breaking above the 1D MA50 = RALLY

ETH closed above its 1D MA50 (blue trend-line) for the first time since the May correction. Since the March 2020 COVID collapse, that has been an early indicator for an upcoming rally.

On this post, I've plotted the Fibonacci Channel on Ethereum's price action since March 2020. As you see the RSI is also a rough indicator of when the price tends to break above the 1D MA50 as it has an approximate 60.00 break-out level.

Once that level breaks, it has taken ETH either 132, 137 or 70 days to reach its next top on the Fibonacci scale. As you see tops are progressive one level higher each time (first 1.0 then 1.5 and the most recent in May on 2.0 Fib). Technically we may assume that the next Top will be at 2.5 or higher but certainly that appears to be a very high level from the current prices especially if it technically "needs" to be achieved in 137 days (or even worse 70 days) as the model suggests.

Do you think that ETHEREUM priced its bottom and if so is the 2.5 Fib extension the next target?

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **


!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!

🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoCreatin


👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)

💰Free Channel

🔥New service: next X100 crypto GEMS!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.