Ethereum, up or down? See it in this analysis!
Ethereum update
Dear friends,
Here is a new update for Ethereum on the 12 hour chart.
Ethereum is in a downtrend. We are seeing lower highs and lower lows. Eth is also forming a symmetrical triangle. In a downtrend a symmetric triangle is a continuation pattern. So in a rising trend it is bullish, but in a falling trend it is bearish. Watch the red trend line of this triangle for a breakout to the up or downside.
We also see that a descending trend channel has been formed and there is a HS formation with a target of 2162 USD. This is also the important 1.618 Fib level. A break below this level would be very bearish and give much lower price targets. However, we are not there yet.
What to watch out for now? A first bullish sign would be if ETH breaks out of the symmetric triangle upwards. However, this is not enough. Even better is if ETH breaks out of the falling trend channel. Then there is room to reach the 0.5 fib level at 3207 and the falling neckline of the HS formation.
A break through the neckline also means an immediate bullish scenario as we will have broken out of the triangle, the falling trend channel and the HS formation will become invalid. ETH could then rise to 3650 and further to 4027 (former top). From there it is a matter of waiting to see if there will be a double top or a break upwards, preferable with good volume!
However, I expect that we will go down in the trend channel until the HS target is hit. You see, all possibilities are open and step by step you will see which way the price goes. Do not set high targets but small targets and sharp stops. Moneymanagement is key!
If there are any major changes, I will update this analysis and for now, I wish you good luck, good money management and a lot of profits!
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Dear friends,
Here is a new update for Ethereum on the 12 hour chart.
Ethereum is in a downtrend. We are seeing lower highs and lower lows. Eth is also forming a symmetrical triangle. In a downtrend a symmetric triangle is a continuation pattern. So in a rising trend it is bullish, but in a falling trend it is bearish. Watch the red trend line of this triangle for a breakout to the up or downside.
We also see that a descending trend channel has been formed and there is a HS formation with a target of 2162 USD. This is also the important 1.618 Fib level. A break below this level would be very bearish and give much lower price targets. However, we are not there yet.
What to watch out for now? A first bullish sign would be if ETH breaks out of the symmetric triangle upwards. However, this is not enough. Even better is if ETH breaks out of the falling trend channel. Then there is room to reach the 0.5 fib level at 3207 and the falling neckline of the HS formation.
A break through the neckline also means an immediate bullish scenario as we will have broken out of the triangle, the falling trend channel and the HS formation will become invalid. ETH could then rise to 3650 and further to 4027 (former top). From there it is a matter of waiting to see if there will be a double top or a break upwards, preferable with good volume!
However, I expect that we will go down in the trend channel until the HS target is hit. You see, all possibilities are open and step by step you will see which way the price goes. Do not set high targets but small targets and sharp stops. Moneymanagement is key!
If there are any major changes, I will update this analysis and for now, I wish you good luck, good money management and a lot of profits!
Please share your thoughts and idea's below dear friends. What do you think and why do you think it with or without a chart.
Disclaimer This is my view, no advice to buy or sell. Also always do your own research!
--->> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
I had a serious accident yesterday and have to stay in the hospital for several days. As soon as I am back I will update the posts from ETH and BTC. Thanks for your understanding!