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Ethanalysis

Ethereum (ETH) Bulls Eyeing New HighsYesterday's daily close above the $300 key resistance meant that Ethereum bulls are likely eyeing new highs. That said, the market could see further consolidation within the ascending triangle pattern in the next few days but a test on the upper triangle at $325 - $330 is very likely. Even though this kind of pattern tends to be bullish biased, we should not make any hasty conclusion as the market has yet to solidify its course, which can only be confirmed by a prevailing breakout from the triangle. Until then, there are two things to watch out for: 1. A trend reversal as price protrudes from the upper triangle, as what the sample pattern on the upper right illustrates. 2. A breach below the lower triangle is probably the best time to exit the market.
BITFINEX:ETHUSD
by UnknownUnicorn4306966
2
Ethereum Bears Showing Their StrengthEthereum on the daily time frame broke the low of $233 which was support and it’s clearly more bearish than Bitcoin and the others. Our new daily lower high is $254.4 and anything under that level is just a lower high of a bounce attempt. The next support is at $222.8, really important support level because after that, there is no nearby support level and would be notable. This is a scenario where all the top cryptocurrencies are going down, Ethereum is simply going down faster and we can clearly see that in the ETH/BTC chart. The 4 Hour chart was certainly indicating a lack of strength even though it was a trend change. There was barely any continuation after we changed the trend, hitting $251. A lot of upper wicks started to appear which indicates lack of strength and bears holding the price. Nonetheless a bullish candlestick is forming in the 4 Hour Chart and the RSI is getting closer to the oversold zone which could indicate a small bounce but we have to be cautious and realize we are still in a downtrend on the daily chart. Ethereum 2.0 development is on schedule and might play an important role when it’s finally completed, although this is planned to happen in 2021 so it is still a long way until that.
BITFINEX:ETHUSD
by WhaleAgents
1