As traders and investors moved on to new crypto-attractions, Ethereum has steadily been forming a wedge pattern. Either Ethereum will break out from the shorter term wedge by Thanksgiving Day or will continue filling the larger wedge drawn above. In the latter case, We may not see a run until February 2018. If it reaches the 161.8% fibonacci extention, Ethereum will be worth $1000. The lower green line will serve as a safe place to enter for trades and long positions. Watch for buy signals such as bullish divergences in the RSI and other indicators.
Comment:
The downtrend line has been broken. If the day closes above this line, we can expect continued upward movement. The strongest resistant is at 375.
Trade closed: target reached:
Etherium reached the 375 level. A retracement is probable. If the wedge was not finished forming and the chart reverses, a new buy in opportunity at 300 will become available. I am still expecting Etherium to break out of the larger wedge in February.
Comment:
Trade closed: target reached