Wow, i am a bit amazed to see how ETH' got pumped so much so fast. It reached the target of that inverse H&S within a day, which took 35 days to form. And look at the volume at Bitmex, it's almost 3 times the volume we had in Dec. This strong rally could be a sign for the bigger picture, but it will depend on the coming week or so.
Going to do a bigger picture...
Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! Looking at the daily chart, you can see that ETH is rallying higher, just as anticipated in the last analysis. In yesterday's analysis, I showed how price had just broken out above the downtrend channel. Since then, price has already rallied from 132.64 to 149.47, for a gain of nearly...
The chart depicts Ethereum on the 1W scale. The pattern is a long term Bullish Channel (with two extreme noise formations). The most recent Channel was the bearish pattern which took ETH from its All Time Highs to December's bottom.
The current 1W candle is testing the Resistance/ Lower High. If successfully crossed then the bearish trend is void and Ethereum...
ETH is finally getting some love and you can see from this chart we have now successfully made a higher low. This is a very good sign, especially with the ETH hard fork coming up. We need to get above 160 to indicate we are going to get a much larger move up. Above is how I think it could happen, but it's really predicated on breaking 160 so we don't form a larger...
ETHUSD is approaching our first support at 134.32 (horizontal overlap support, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) where we might see a strong bounce in price to our major resistance at 184.44 (horizontal overlap resistance, 100% Fibonacci extension).
RSI (89) is also approaching support where we might see a corresponding bounce in price....
Finally, the crypto world has moved. We have seen Ethereum finally pushing back above the 110.00 barrier and almost testing the 150.00 zone. For now, we believe there might be a bit of retracement to the downside first, before we see another leg of buying. If the price remains above the newly-established short-term upside support line, we will...
The minimum could be set.
First bullish sign
Just look at the volumes in the December low compared to April and September lows.
They are incredibly high: this means that an intense accumulation has been done: the crypto bulls accumulated heavily around the 70$/110$ level.
Second bullish sign
First times that we trade ABOVE the MA50 on all the timeframes since...
ETH is facing the strong residence at 146.5 and it has 3 times failed to break out during past 12 hours. Additionally, RSI indicators show it has been into the over sold zone. The temperate correction is coming soon and will test the support at 130 which is the 0.5 of Fib. IF it breaks out this support, 120 will be the next support.
So many indicators showing signs of reversal here:
Linear Channel Regression Breakout (dotted yellow lines)
Cross up and over the 100 Day MA (lime green solid line)
Cross up and over the 1D Ichimoku Cloud (not pictured in my chart)
Most notably, the inverse head & shoulders pattern has been confirmed. Might retest neckline, but based on the angle of this...
ETHUSD made one of the strongest breakouts I've seen in recent times among the top 10 coins.
A very consistent break and in the daily chart volumes are being the largest since August 2018.
Recently we had a golden cross (50MA crossing up 200MA) and the...
I decided to do a quick Elliot Wave on a W ETH chart, and this shows ETH may still have one more final leg down. This is a nice pump, but I don't believe ETH will break out here.
This is just a theory with approximate and not exact targets or dates. Your opinions or criticisms are welcome.
Just realized wave 5 should be a bit shorter in theory.
So we have begun a classical ascending triangle.
We also appear to have just finished wave 3.
Starting a run at 3-4 Wave in ascending triangle, Very bullish.
Potential for a breakout into 200 is real
Depending on development from that we can project more clearly.
As you can see for yourself, fractals are on our side here.
Should be a plenty of positive...
Key areas of interest now lie in the $120-$125 support area and $145-$150 resistance.
A close below $120 would not necessarily invalidate the scenario but would definitely lower the probability of justifying the $170-$180 target. Historically, hard forks have mostly been bullish events and we expect this hard fork to be no different. What’s more likely to happen...