Hi friends! Welcome to this update analysis on Ethereum! Let's get right to it! Looking at the four hour chart, you can see that ETH has rallied out of an inverse head and shoulders pattern, in a move that was fueled by the sudden rally in BTC this morning. However, ETH has been stopped cold at the top of the downtrend channel. It's pretty clear that ETH is in an extremely critical place right now. A confirmed breakout above the downtrend channel would be very bullish, and it could cause price to rally into the bottom of the 2/6 low, at 565.54. However, if Ethereum fails to rally above the downtrend channel, it would be a catastrophic failure that would most likely result in a retest of the 360.91 level, at the very least. In fact, if we fail here, the probability of a breakdown below 360 would be very high. So, just be aware of the critical nature of this area. Keep in mind that until we see a confirmed breakout, we remain in a downtrend channel. The trend is your friend, and right now, the trend is down, down, down, despite today's pop. With that said, my bias remains to the downside, until I see some a confirmed breakout above the downtrend channel.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-