Review Bullish Ethereum, ETH-USD BItfinex 1D Sept 28th.
I have to say i'm quite impressed with the Ethereum chart. It has been a few weeks that i have looked at it, but the first thing that came up yesterday when i zoomed out, is this 5 month Ascending Triangle! Wow! Imo after Bitcoin clearly Ethereum has one of the most bullish charts. Always making higher lows, although slightly, it has mostly been up since the recent lowest price in July. Nevertheless, its still pretty much coupled with Bitcoin which also makes it quite dependent of it at the moment. What we might see is the price decoupling with the next Metropolis release mid October and the Devcon3 developers conference in November-where a bunch of new updates and announcements takes place. However, its still a question mark on how much it will effect the price.
" The new Metropolis hard fork should enable some significant upgrades to the network.
First, increasing anonymity will come with new ‘zk-SNARKs,’ or Zero-knowledge proofs. Users will be able to perform anonymous transactions at higher levels than in the past.
Second, programming and smart contracts will be made far easier with the new upgrade, relieving some of the pressure on current programmers. Gas will also be adjusted for bill settling.
Third, masking for security enthusiasts will allow users to determine the address for which they have a private key. This will increase security on the network, even against quantum computer hacking.
Finally, the upgrade includes a ‘Difficulty-Bomb’ intended to make mining exponentially more difficult.
The bomb is designed to be an intermediate step in the transition from proof-of-work (PoW) to proof-of-stake (PoS) on the network. This has often been referred to as the ‘Ethereum Ice Age.’ "
www.ethnews.com/byza...for-ethereum-mainnet
www.reddit.com/r/eth...leased_october_17th/
A LOOK AT THE CHART!
ETH USD Bitfinex 1D chart
1. We are in the amidst of a 5 Month Ascending triangle started May 18th this year. This is a bullish continuation pattern with 73% chance of breaking upwards. It will most probably bust out in October or November. Price already touched twice the upper trend line and bounced back on the 9th candle , for a perfect sell setup. (highlighted orange) The target set for this pattern is 600-620 USD.This might align perfectly with the release of Metropolis the Devcon conference and Media hype caused by it. I do not discount the fact that price can have another bounce back from another try to break upwards. We would most probably hang out above the 50 MA and the resistance area around 300- USD to recharge before another try. The Ascending Triangle is not always bullish with a 42% probability to break downwards, although very unlikely without negative news or network issues. Target would be around 100 USD.
2. Its notable the Hidden bullish divergence on the MACD and RSI vs price as they are loading their guns. A bullish cross already occured on the MACD.-highlighted in orange.
3. A possible Cup and Handle pattern forming with the handle now in its making is another huge Bullish sign we are up to see higher prices for Ethereum. I must say i think the handle is a bit too low for the normal C&H standards,(50% fib line) however i am keeping in a close eye on it. There is another possibility of another handle forming before a convincing breakout, this would not invalidate the pattern. The target is set around 516 USD which perfectly aligns with the FIbonacci trend extensions of the 1.618 level.
4. The resistance zone at 300 USD that is acting as support as we speak, can be revisited for more consolidation/accumulation if price gets rejected on the breakout above 400 USD. However, if price tightens more, we can expect even more force on a future breakout.
5. Price is trading back above the 50 day moving average. Which is good sign.
Happy trading and may you all make profits!
" The new Metropolis hard fork should enable some significant upgrades to the network.
First, increasing anonymity will come with new ‘zk-SNARKs,’ or Zero-knowledge proofs. Users will be able to perform anonymous transactions at higher levels than in the past.
Second, programming and smart contracts will be made far easier with the new upgrade, relieving some of the pressure on current programmers. Gas will also be adjusted for bill settling.
Third, masking for security enthusiasts will allow users to determine the address for which they have a private key. This will increase security on the network, even against quantum computer hacking.
Finally, the upgrade includes a ‘Difficulty-Bomb’ intended to make mining exponentially more difficult.
The bomb is designed to be an intermediate step in the transition from proof-of-work (PoW) to proof-of-stake (PoS) on the network. This has often been referred to as the ‘Ethereum Ice Age.’ "
www.ethnews.com/byza...for-ethereum-mainnet
www.reddit.com/r/eth...leased_october_17th/
A LOOK AT THE CHART!
ETH USD Bitfinex 1D chart
1. We are in the amidst of a 5 Month Ascending triangle started May 18th this year. This is a bullish continuation pattern with 73% chance of breaking upwards. It will most probably bust out in October or November. Price already touched twice the upper trend line and bounced back on the 9th candle , for a perfect sell setup. (highlighted orange) The target set for this pattern is 600-620 USD.This might align perfectly with the release of Metropolis the Devcon conference and Media hype caused by it. I do not discount the fact that price can have another bounce back from another try to break upwards. We would most probably hang out above the 50 MA and the resistance area around 300- USD to recharge before another try. The Ascending Triangle is not always bullish with a 42% probability to break downwards, although very unlikely without negative news or network issues. Target would be around 100 USD.
2. Its notable the Hidden bullish divergence on the MACD and RSI vs price as they are loading their guns. A bullish cross already occured on the MACD.-highlighted in orange.
3. A possible Cup and Handle pattern forming with the handle now in its making is another huge Bullish sign we are up to see higher prices for Ethereum. I must say i think the handle is a bit too low for the normal C&H standards,(50% fib line) however i am keeping in a close eye on it. There is another possibility of another handle forming before a convincing breakout, this would not invalidate the pattern. The target is set around 516 USD which perfectly aligns with the FIbonacci trend extensions of the 1.618 level.
4. The resistance zone at 300 USD that is acting as support as we speak, can be revisited for more consolidation/accumulation if price gets rejected on the breakout above 400 USD. However, if price tightens more, we can expect even more force on a future breakout.
5. Price is trading back above the 50 day moving average. Which is good sign.
Happy trading and may you all make profits!