We all can probably agree, that ETH hasnt performed at its best in this bullmarket. While it is my most profitable postion since I own it from the depths of the bearmarket, I expected more. So I decided to take a step back and when in doubt, zoom out.
And I really like the weekly chart. There is a wedge I have drawn months ago. We then broke it in January, with a big spike in volume, which is a confirmation. Now we are going down, yes. But volume is steadily decreasing and we are retesting and holding the wedge we broke out. Another confirmation that the breakout is real. The worst case I can see is going down to 0.0285ish teritory, that served as a significant support/resistance for years.
But that is not all. In last months, and really since September 2019 (sic!) we are consistently forming higher lows and higher highs. And also, since then, we are forming an ascending broadning wedge. Yes, this is a bearish pattern, but I dont see it breaking down due to not just other technicals mentioned above, but mostly due to fundamentals and onchain data. A breakdown from here would frankly be probably the end of ETH and it would get rolled by other competing projects, but I really dont think this is the case. Whales are acumulating, upgrades are comming etc etc.
Also, Cipher_B_Free looks very nice on the daily and quite neutral on the weekly.
I do expect couple of slightly red days still ahead, due to BTC correcting down to 47k. Read about that in my other Idea.
And I really like the weekly chart. There is a wedge I have drawn months ago. We then broke it in January, with a big spike in volume, which is a confirmation. Now we are going down, yes. But volume is steadily decreasing and we are retesting and holding the wedge we broke out. Another confirmation that the breakout is real. The worst case I can see is going down to 0.0285ish teritory, that served as a significant support/resistance for years.
But that is not all. In last months, and really since September 2019 (sic!) we are consistently forming higher lows and higher highs. And also, since then, we are forming an ascending broadning wedge. Yes, this is a bearish pattern, but I dont see it breaking down due to not just other technicals mentioned above, but mostly due to fundamentals and onchain data. A breakdown from here would frankly be probably the end of ETH and it would get rolled by other competing projects, but I really dont think this is the case. Whales are acumulating, upgrades are comming etc etc.
Also, Cipher_B_Free looks very nice on the daily and quite neutral on the weekly.
I do expect couple of slightly red days still ahead, due to BTC correcting down to 47k. Read about that in my other Idea.