Ethereum - a roadmap with possible scenarios - H-S formations
Hello dear traders,
You see here the 2 hours chart of Ethereum. A few things have happened that is why I am doing this update as Ethereum was in a perfect upward trend channel until last night. Ethereum broke the ascending trend channel downwards and that in itself is a sign of trend change. Next to that we also see a head shoulder formation (Blue) where the neckline has already been tested. I have not taken the candle wick into account but the purple one has. There the neckline has not yet been broken. If this purple neckline breaks, we can prepare for 3256, 2996 and 2834 USD.
Targets for the main shoulder formations are the following:
Target 1 - 3260
Target 2 - 2834
Target 2 is my favorite place to go Long on Ethereum.
The resistance and support levels are:
All time high 4375, 3827, 3521, 3526, 2996, 2834 and last but not least the crucial level of 2637.
Dear traders, keep a close eye on these levels and because the market is so volatile there can be violent upturns that can lead to losses
It's all moving at lightning speed but above all remember that patterns take time to develop. Patience and sitting on your hands can bring you a lot of profit.
This is my take on Ethereum and not investment advice. You would do well to take a close look at everything yourself before taking a position.
If you guys appreciate these analyses please follow me and give me a like. I am also completely open to discussions. The idea is that we all benefit from a down or up market.
You see here the 2 hours chart of Ethereum. A few things have happened that is why I am doing this update as Ethereum was in a perfect upward trend channel until last night. Ethereum broke the ascending trend channel downwards and that in itself is a sign of trend change. Next to that we also see a head shoulder formation (Blue) where the neckline has already been tested. I have not taken the candle wick into account but the purple one has. There the neckline has not yet been broken. If this purple neckline breaks, we can prepare for 3256, 2996 and 2834 USD.
Targets for the main shoulder formations are the following:
Target 1 - 3260
Target 2 - 2834
Target 2 is my favorite place to go Long on Ethereum.
The resistance and support levels are:
All time high 4375, 3827, 3521, 3526, 2996, 2834 and last but not least the crucial level of 2637.
Dear traders, keep a close eye on these levels and because the market is so volatile there can be violent upturns that can lead to losses
It's all moving at lightning speed but above all remember that patterns take time to develop. Patience and sitting on your hands can bring you a lot of profit.
This is my take on Ethereum and not investment advice. You would do well to take a close look at everything yourself before taking a position.
If you guys appreciate these analyses please follow me and give me a like. I am also completely open to discussions. The idea is that we all benefit from a down or up market.
Comment:
Hello traders!
We see that Ethereum has re-tested the rising channel boundery and now it is waiting to see what happens next. By breaking the channel the trend can change.
Our H-S pattern is not valid anymore but the second is still valid and forming now the right shoulder. To invalidate this one Ethereum need to go higher then the last ATH. Should that be the case than after a re-test of the all time high we can see higher targets. Remember we need volume for a breakout.
We see that Ethereum has re-tested the rising channel boundery and now it is waiting to see what happens next. By breaking the channel the trend can change.
Our H-S pattern is not valid anymore but the second is still valid and forming now the right shoulder. To invalidate this one Ethereum need to go higher then the last ATH. Should that be the case than after a re-test of the all time high we can see higher targets. Remember we need volume for a breakout.
Comment:
Guys also look at this newer chart where the neckline is more precise and you can follow the price in the chart!
Comment:
Traders, Please check out my newest update about Ethereum it is an important one!
Trade closed: target reached:
Dear traders,
As you can see in the analysis my target has been hit and even more than that. More than my target because of the massive sell off. We have formed a bottom for now but be aware that it can be re-tested. I come soon with a new analyse.
Hope you enjoy my analysis and if so please give me a like and ofcourse folle me for updates.
Trade safe and I wish you all good profits!
As you can see in the analysis my target has been hit and even more than that. More than my target because of the massive sell off. We have formed a bottom for now but be aware that it can be re-tested. I come soon with a new analyse.
Hope you enjoy my analysis and if so please give me a like and ofcourse folle me for updates.
Trade safe and I wish you all good profits!
Think of all traders who went long at 3356 and higher! The big guys are going to shake them out of the trees by manipulating the price and hit all stops.
Then around 2834 we have a good chance to go long again. I know many traders don't believe this scenario but take a look where we where 1 year ago! I owned ETH at 80 usd. So now we are at this level.
Too fast this advance and that is perfect but the correction will come and it will be probably sooner than later.
Place good stops and money mangement, the golden 1% rule. It works in the long run!
Happy trading!