Ethereum - Looks like topping out 3000 USD
Hello Traders,
Here we see the 4 hour chart of Etherum. As often, a picture say more than a thoussand words.
We are in the top of the trend channel and the target of 3000 USD is almost reached.
I now expect a pullback because we are on the top of the trend channel, we have the formation of a rising wedge and we see declining volume during the rise.
If the price breaks trough the top of the channel then this should happen with good volume. Again long if best on a retest of the upper trend channel line.
Here we see the 4 hour chart of Etherum. As often, a picture say more than a thoussand words.
We are in the top of the trend channel and the target of 3000 USD is almost reached.
I now expect a pullback because we are on the top of the trend channel, we have the formation of a rising wedge and we see declining volume during the rise.
If the price breaks trough the top of the channel then this should happen with good volume. Again long if best on a retest of the upper trend channel line.
Comment:
Personally I like buying at the lower boundery of the trendchannel. The reward is big and the risk is less, Only need to have patience. Sit a sa sniper and when everybody is in panic you buy. Of course always with stops placed at a strategic point. RR is everything in trading!
Comment:
I wonder, if ETH is topping and BTC is also struggling to move higher then the 2 leaders can drag the whole crypto market down. Ethereum is the latest time so much stronger than BTC but if there are higher prices possible then 3000 Usd for now remains to be seen.
Comment:
Please share your thoughts about Ethereum and BTC.
Comment:
Hi Traders,
A short update. We have also formed a Crab harmonic pattern and the Rsi trendline has been broken. See screenshot.
A short update. We have also formed a Crab harmonic pattern and the Rsi trendline has been broken. See screenshot.
Comment:
Price pulled back above the trendline. I am not shorting ETH simply because the coin is one of the strongest in the ALTS. Please don't forget that the Crypto market in May is still bullish. It was Bitcoins best performing month after April and this over the last 10 years!