Ethereum pumped 37% after the bullish Supertrend Ninja - Clean signal (green vertical line on the background). In a possible bullish scenario ETH might possible rise up to 3,000 USD completing leg C of the Elliot Wave (blue lines). Which is about 71% possible gain. Obviously this depends on how much leg B is gonna retrace.
ETH broke out of the Ichimoku Cloud, which is bullish. Currently it is retesting a support level (support and resistance area's are highlighted in grey blocks). The RSI is still in a range/ slightly bullish at 56. RSI Brown at 29. If we take a look at the Average Directional Index ( ADX DI) its indecisive, as it is ranging. Almost horizontal. Currently ETH is above its Basis Bollinger Band , Band Basis 20 Period SMA . While it is below the LSMA .
ETH price and the RSI are still forming a higher low. If support holds up here, ETH will continue to go up. I will also give a bearish analysis of ETH in a new post.
Remember to always take profits and use proper risk management!
Thank you for reading. NamasteΜ π
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use: I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.