Hi guys, lets take a quick look at this long term TA on ETH/USD
We observe that the region between $150-180 has served as a crucial pivot level as significant Support as well as Resistance.
Currently we can see price action narrowing towards the 50MA (in green), coinciding with the lower band of the Ichimoku Cloud. We also see signs of a Kumo Twist foretelling a possible bullish trend.
The risk reward is favourable, and given all the FUD against Ethereum's long awaited sharding and PoS upgrade, this may actually be the time hone in for a long term play.
We need to watch a return in volume, to break past the Ichimoku Cloud, possible retesting of the 100MA (in orange). If there is a consolidation, retest, and breakout from the Cloud, it is likely we could be experiencing a sustained upward trend above the Cloud.
The shorter term target level floats around the 23.6% fib level / 100MA ~ $400
Happy trading y'all
We observe that the region between $150-180 has served as a crucial pivot level as significant Support as well as Resistance.
Currently we can see price action narrowing towards the 50MA (in green), coinciding with the lower band of the Ichimoku Cloud. We also see signs of a Kumo Twist foretelling a possible bullish trend.
The risk reward is favourable, and given all the FUD against Ethereum's long awaited sharding and PoS upgrade, this may actually be the time hone in for a long term play.
We need to watch a return in volume, to break past the Ichimoku Cloud, possible retesting of the 100MA (in orange). If there is a consolidation, retest, and breakout from the Cloud, it is likely we could be experiencing a sustained upward trend above the Cloud.
The shorter term target level floats around the 23.6% fib level / 100MA ~ $400
Happy trading y'all
Comment:
ETH/USD price action is respecting the cloud, uptrend is still play unless we break below the 150-180 region