Bitcoin's leading indicatior, Ethereum, at the trenches!
Is Ethereum in a downtrend? I've seen a lot of analysts and influencers saying ETH is in a downtrend and I don't see it this way.
If you look at this chart you can see that ETH has been respecting the uptrend that started around June 2022
The candle chart is a bit noisy so let's have a look at the line chart (the line chart ignores the wicks)
In the image above, ETH retested this trendline as both support and resistance and it recently retested it again on September 11th, bounced of it and it is about to retest it again.
People will say the more you test a support more likely to break it. So far, on the daily chart ETH is clearly respecting it and I think it will bounce off it again.
Now the big question - are you bullish or bearish on ETH? Are you trading it?
To be honest - NO! I'm not trading either ETH or BTC. However, I am always adding to my portfolio and respecting my DCA.
On the weekly chart the trend looks a bit clear and it's still being respected
To summarize my thesis - I think ETH is still in an uptrend and the moment to enter a trade is when the key resistances represented by the yellow horizontal lines are broken and turn into support.
First level: $1683
Second level: $1729
Third level: $1793
If in the next few weeks, ETH manages to break into $1800 we can expect much higher prices until the end of this year and Q1 2024, probably above the year high of around $2119.
If you look at this chart you can see that ETH has been respecting the uptrend that started around June 2022
The candle chart is a bit noisy so let's have a look at the line chart (the line chart ignores the wicks)
In the image above, ETH retested this trendline as both support and resistance and it recently retested it again on September 11th, bounced of it and it is about to retest it again.
People will say the more you test a support more likely to break it. So far, on the daily chart ETH is clearly respecting it and I think it will bounce off it again.
Now the big question - are you bullish or bearish on ETH? Are you trading it?
To be honest - NO! I'm not trading either ETH or BTC. However, I am always adding to my portfolio and respecting my DCA.
On the weekly chart the trend looks a bit clear and it's still being respected
To summarize my thesis - I think ETH is still in an uptrend and the moment to enter a trade is when the key resistances represented by the yellow horizontal lines are broken and turn into support.
First level: $1683
Second level: $1729
Third level: $1793
If in the next few weeks, ETH manages to break into $1800 we can expect much higher prices until the end of this year and Q1 2024, probably above the year high of around $2119.
Comment:
The momentum is clearly bullish and I'm aiming at least $2400 before the end of this year, however, stay vigilant in case a correction starts.
It just retested the trendline again this week and so far it has been printing a nice green candle. Is this the start of a strong upward movement?
If we break the following supports at $1683 and $1729 - YES!