Ethereum is looking very bullish, with only a short time before confirming the end of the correction and resuming bullish impulse waves within the larger Wave 5.
After the descending resistance line (in pink, from 288-270ish) is breached, now at 277-275, I expect a small patch of resistance at the previous high of $288. Breaking the line should bring bulls to push price over $300, followed by short sale liquidations (buy back at loss) pushing price higher to $320-$330, which is also ETH's next major resistance level from historical performance.
I believe we'll encounter a minor ABC corrective wave after topping out $325-$350, dropping back near $300.
I suspect the following impulse waves to blow through the $300's, with a short pit stop at $385 before running to $420.
IMO, $420 is a very important number to watch. I think that price area will be very sensitive, propelling price to $485-$515, or rejecting it back into the mid 300's.
I don't write many analyses, but feel this one was worth jotting down and checking back on after the ride :)
Cheers!
Target 1 = + $96 | 30% gain
Target 2 = + $187 | 58% gain
After the descending resistance line (in pink, from 288-270ish) is breached, now at 277-275, I expect a small patch of resistance at the previous high of $288. Breaking the line should bring bulls to push price over $300, followed by short sale liquidations (buy back at loss) pushing price higher to $320-$330, which is also ETH's next major resistance level from historical performance.
I believe we'll encounter a minor ABC corrective wave after topping out $325-$350, dropping back near $300.
I suspect the following impulse waves to blow through the $300's, with a short pit stop at $385 before running to $420.
IMO, $420 is a very important number to watch. I think that price area will be very sensitive, propelling price to $485-$515, or rejecting it back into the mid 300's.
I don't write many analyses, but feel this one was worth jotting down and checking back on after the ride :)
Cheers!
Target 1 = + $96 | 30% gain
Target 2 = + $187 | 58% gain
Trade active:
Updates to Targets:
Target 1 = $325 | + $45 | 16% gain
Target 2 = $420 | + $96 | 30% gain
Target 3 = $507 | + $187 | 58% gain
Target 1 = $325 | + $45 | 16% gain
Target 2 = $420 | + $96 | 30% gain
Target 3 = $507 | + $187 | 58% gain
Trade active:
I miscalculated %'s in the targets; the two long plays shown on the chart use $325 as a buy trigger.
From $280 buy trigger:
Target 1 = $325 | + $45 | 16% gain
Target 2 = $420 | + $141 | 50% gain
Target 3 = $507 | + $232 | 83% gain
From $280 buy trigger:
Target 1 = $325 | + $45 | 16% gain
Target 2 = $420 | + $141 | 50% gain
Target 3 = $507 | + $232 | 83% gain
Hi everyone!
Checking back on ETH, we saw strength in the green dotted bottom support through the triangle, and ETH broke out above, with a short stop at $285 before marching to try $300, but needing a rest after reaching $295.
We saw a drop down to test $285 and some smaller time-framed moving averages as support. I see this as small consolidation within the intermediary impulse Wave 3.
ETH is approaching $295 again. Recent strength and volume might blow through $300 and run to $315 minimum.
$320-$330 is a key resistance level.
If broken, ETH can very possibly reach the $420 and $507 targets.
Cheers!