Here is my view on Ethereum ETH which is in the process of forming a head and shoulders formation. The target is at exactly the old top in April. At this moment you see the right shoulder is being formed. Keep in mind that H-S patterns can fail but then that is a perfect indicator to go long because the price then goes explosively in the other direction. Given the charts in Bitcoin that I have posted, this scenario could very well come true.
To help everyone out of the dream. No is not nice and many will not agree but It's great to keep setting higher and higher targets but let's not forget that 14 months ago Ethereum was at exactly 86 usd. Yes indeed 86 usd and I hade them in my wallet. We have now hit 4372 as the top. That is as much as multiplied by 50 or in other words 5000 percent in over a year's time. What can I say more. We want 10000 percent by end of this year? Please share your opinion why you think we are going higher or lower! That is indeed a very interesting discussion!
I will come back also with updates on Ethereum when important things change in the picture.
Dear traders, if you appreciate my analysis it would be very nice if you would follow me for updates and give me a thumbs up. It motivates me to continue with these analyses.
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Guys, share your opinion then we get a discussion about the value of Ethereum and other coins and that is always very interesting! Ethereum is at this moment skydiving, we are 9.48 % down right now. Let us not forget that fear and greed make this kind of moves and of course leverage. If you use 5 times leverage and you are still in a coin diving 10% you balance is 50% loss. So Spot trading is not so spectacular but it is much safer! Plus you can keep coins if you like them. Again for me I would only do it with Bitcoin but that is just personal.
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Hello traders, I will soon do an update but because of the changed BTC perspective for the short term ETH will also change. This pattern is still in play because we are still forming the right shoulder. Prices move in waves up and down never in a straigt line. See here the latest Bitcoin view which has a big impact on Ethereum as well!
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Guys, please check this last update out:
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If ETH breakout below trendline and you wish to profit from it than need the stop at 3900. Also do not risk never more than 1% while i risk often not more than 0.3 to max 0.5 % The close your stop to the entry the better RR.
Just my point of view no trading advice!
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Guys, here an update. As I wrote before in the update. My stop is at 3900. I risk never more than 1% of my funds preferable 0.3 - 0.5 %
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Hello dear traders,
Here an update for Ethereum:
Take care and trade safe!
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Traders, lower then the intraday low of today I really don't see that anymore. This huge sell can only happen by intervention of big capital who manipulate it with only one intention. To let your trades getting stopped out and then price goes like a moonrocket to the other side. If you are not sitting behind the computer as a daytrader you can not cath these spikes so easy. Now you need to follow Bitcoin dominance. BTC dominace is already rising and that is not a good sing for the ALTS.
Let us watch how the day candle close. I will make a new analyse soon! Take care traders and use your money management and stops!
Trade closed: target reached
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Hello dear traders,
As you see, my target was hit. Head and shoulders give always a mimimum target but more is possible when momentum is very strong, stops are hit and traders liquidated. Trading with a leverage of x5 or x10 and the accouns are blown out completely.
Do I expect lower targets? Yes I do but not right now. IT is however perfectly possbile that we will re-test that low but i think we will first see a counter move.
All traders who wanted to sell are out, all traders where stops where hit are also out and if price now goes up, many don't want to miss the boat and jump in again.
Then after some rebound the market is going down again and so on.
The cycle top for Ethereum is set for some time that is sure. I do expect however for Bitcoin a real bottom after a bottemingout in several months. I think that the real bottom is in at the end of this year untill mid next year and then it is going to grow again with possible much higher targets.
Wish you all good trading en hopefully also good profits but use stops and money management because it is really a must!
Nah not going to 3.5k or even 3.2k.. it’s over Dude nothing to see here. Eth don’t care about your TA or feelings. It’s going to 10k. Get rekt shieeeeet
Ether2020
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@Cryptomania2363, Dude you did not make one single analysis! only commenting without a single explenation.
brianfarkas3d
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@Ether2020, I fear this is the new mentality, "goiN TO DA MOON -----> " No explanation no analysis. This is why FOMO and FUD are making the markets so volatile.
Ether2020
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@brianfarkas3d, Thank you so much! You see the things clearly! Can't agree more with your words!
By the way, I have been trading for a long time. Prices come always back to their longer term averages. Than you get the famous christmass tree curve. We are now in the top of that tree and maybe it can still go higher but Ethereum which I owend at 78 is now 50 times more. 5000 Percent. This is not sustainable. Ethereum is not a cheap buy, in fact it is a very expensive buy.
But the break out strategy is based on higher and higher prices or vice versa for shorts. If prices get too far from the moving averages it is time to think of selling it and buyin it back once it is close to that longer term ma.
Please take a look at the newest update from me above. We have now formed a Diamond pattern. That is bearish and also a top pattern after such a strong rising trend. Bitcoin looks also bearish but we always have pullbacks, waves up and down.
I enjoy reading your analysis and the way you express your opinion, its very informative and helpful. When you refer to the MA, the prices always return to MA (100)? what is a good metric to check?
thanks in advance
Ether2020
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@cryptokaseri, Thanks so much my dear friend! Is really so nice to hear! Your question about the price returning to the moving averages.
There are so many moving averages and it depends on which time frame you look at them. A 200 MA on the hour chart is not the same a one on the 4 hour chart. But let us take as an example the 100 MA on the daily time frame. The further the prices moves aways is saying that momentum is accelerating but if they go to far price tend to come back like a rubber band and in the end it always will but timing this is more difficult. You can use the MACD which use moving averages and the histogram tells you about the distance price/ MA. When you see a green rising histogram you can see when the momentum declines. The histogram turns from green to dark green and the bars are getting shorter.
On the internet there a books about trading the MACD and MA's. You need to see them!.
Hope this helps you! Good luck with trading!
Once again big thanks!, I will definitely have a look and study further.
Good luck in your trades!
Ether2020
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@cryptokaseri, That is very good to hear! You will love it, I assure you! For you also good profits and take care in life and trading my dear friend! Traders like you keep me motivated to do this and that is great feeling Thanks!