Ethereum is more than one week behind Bitcoin, as on the chart you can see that Ethereum is in a Ascending triangle formation, the same formation in which Bitcoin was last week.
A good for the price to be in this ascending triangle is the fact that Ethereum is launching new version of it, called Ethereum 2.0 that will for example support token lockup.
And this launch is expected to push the price higher, but there is still uncertainty so that’s why we can see such a pattern.
But it looks like Ethereum is also in bull flag, but with more room to grow than Bitcoin, as the break of $395 mark, which is pivotal, can lead to a break up to $440 per one Ethereum.
If this bull flag won't work out, I expect a move all the way down to $335 as a healthy retest of the uptrend line of this ascending triangle formation.
Indicators.
I. RSI is in uptrend, printing higher lows and highs. What we want to see is a break of a 60 RSI level in order to see some strong buying volume, just as before.
II. MACD has seen a first strong buying wave and in an optimistic scenario, Ican expect two more buying waves (around 20 days) to be seen, if the level of $395 gets broken.
III. 200 and 50 EMA’s are showing a clear strong uptrend with a lot of room for correction without impacting the trend. Ethereum can drop all the way to $300 and remain bullish. But not in a day, that wouldn’t be the best sign.
So overall I am pretty bullish on Ethereum.
Cheers,
Tibor
A good for the price to be in this ascending triangle is the fact that Ethereum is launching new version of it, called Ethereum 2.0 that will for example support token lockup.
And this launch is expected to push the price higher, but there is still uncertainty so that’s why we can see such a pattern.
But it looks like Ethereum is also in bull flag, but with more room to grow than Bitcoin, as the break of $395 mark, which is pivotal, can lead to a break up to $440 per one Ethereum.
If this bull flag won't work out, I expect a move all the way down to $335 as a healthy retest of the uptrend line of this ascending triangle formation.
Indicators.
I. RSI is in uptrend, printing higher lows and highs. What we want to see is a break of a 60 RSI level in order to see some strong buying volume, just as before.
II. MACD has seen a first strong buying wave and in an optimistic scenario, Ican expect two more buying waves (around 20 days) to be seen, if the level of $395 gets broken.
III. 200 and 50 EMA’s are showing a clear strong uptrend with a lot of room for correction without impacting the trend. Ethereum can drop all the way to $300 and remain bullish. But not in a day, that wouldn’t be the best sign.
So overall I am pretty bullish on Ethereum.
Cheers,
Tibor
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