ETH now looks prime and operational for a real breakout around 300e and above!
However, keep in mind that there is an heavy resistance area around 285e, so I'd recommend to take some profits here and keep a moon bag for later.
IMHO we got here an ascending triangle that should lead us in high grounds. Volume is still low because of BTC dominance, but as soon as...
So, let's see how we can play with our little position of early June.
Entered at 215e.
- TP1 at 260e
- TP2 at 285e
- TP3 at 300e
Volume is low lately, but I really don't think we have seen the ethereum dragon wake up yet.
Stoch RSI in daily is overbought indeed, however take a look at the exact same situation one month ago. We had two little pumps in...
ETH is not yet at a good entry point IMO.
In daily, the Stoch RSI is very very low indeed (around 10), but not in 4H neither in 1H. There, we are completly overbought: 100 & 80. In 1h we break down the 80 soon.
Also, you can take a look at the magic indicator at the bottom: it's only going down.
Finally we have touched the resistances of the arising chanel...
ETH is facing huge resistances into the 220e/240e area before being able to fight the bears at higher space.
Stoch RSI not enough overbought
And the magic indicator shows too that we are not at the bottom of this spring crypto game for ETH.
Waiting a little bit before buying more ETH !
Wow, that was some carnage yesterday. Ether has being volatile in both directions this year. It has risen quickly in terms of percentage gains with respect to BTC and fallen quickly also. Yesterday's massive drop has created panic amongst the bulls. Looking at the chart objectively now after surviving the massacre, it still shows no reason for me to be bearish...
Ethereum/EURO pair has a breakout bias this week. Potentially it can breakout before Wednesday.
Oscillators bias: Neutral
EWP bias: Bullish*
*Potential triangle 4th correction into a last push before further correction.
Last night we saw the parabola get destroyed and Ethereum found support at 205 euros, which is sitting around the 38% drop of the price. The price has been bought nicely at 200 euros if there has been any drop in price below it, but this does not look like lasting for a long time. As every increase in price was lower after it was being bought at these 2H dips....
ETHEUR triggers the pocket pivotal point on weekly for the third time (teal bar).
The previous times this happens, eth drew a pennant on weekly and after making a new high it entered the real rally.
This could mean that we will need patience over the next weeks and can buy dips ones a pennant emerges.
Going to monitor this and update ones it becomes relevant.