ETHUSD: Golden Cross consolidation, before the rally to $2440.

Ethereum is marginally bullish on the 1D technical outlook (RSI = 58.849, MACD = 64.500, ADX = 17.549) despite the despite the 19 day consolidation, suggesting strong underlying bullish bias. This shouldn't come as a surprise as the long term pattern has been a Channel Up in the last 12 months and on top of that, a Golden Cross was formed last week on the 1D timeframe.

The last time we had such a bullish formation was during the previous mid HH bullish leg consolidation on February 8th. After almost 2 months of ranged Rectangular trading, the price resumed the bullish trend and topped a little over Fibonacci 1.5. Being right now exactly on the middle of the Channel Up, we spread the risk by taking a buy position now, targeting the 1.5 Fibonacci level (TP = 2,440) near the top of the pattern.

See how our prior idea has worked:


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