FieryTrading

🔥 Ethereum Massive Break Out

Long
BINANCE:ETHUSDT   Ethereum / TetherUS
Couple days ago I made an analysis on Ethereum and the potential break out at hand. I mentioned that a break out was to be expected and that the next major resistance lies at 2400.


The break out happened quickly and violently. The amount of bullishness came mostly from a short squeeze, check out my BTC analysis where I dig deeper into that.

Since we've seen a ~40% rally in a day or 6, I'm expecting a minor retracement in the coming 2-3 days or so. I'm eyeing the yellow support area from 2200-2100 to catch the reversal trade.

Happy trading!
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Comments

Great idea. What I really like? Instead of telling people to buy here, you are effectively saying, dips are to be bought, placing urgency on proper risk management.

Crypto right now is interesting. On one hand, it could be the start of more impressive rallies. On the other hand, I found ETHUSD looks a lot like BTC from Jan 2018 to around mid 2018 so far, so I would be curious to see what happens as ETH moves higher.

In any case, thanks for the post, solid analysis.
+2 Reply
FieryTrading MarketAnalysis-
@MarketAnalysis-, Cheers, glad to hear!
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Good outlook and got in on the buy as well :) thx
+1 Reply
agreed mate!
see my eth analysis below
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Thanks for sharing my dear friend
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Very accurate technical points, well done!
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All currencies are following BTC. If BTC will break out eth will follow thats what happened here. By the way the chart pattern looks really good.
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thanks for your update
Reply
Nice chart
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Thank you!
Reply