Seems like ETH is gearing up for the next leg up. ETH had a massive bullrun the 2nd week of December which brought it to an ATH of roughly 870. Since then, it has retraced about 40% but I believe that ETH is now gearing up for the it's next bull run. ETH was trending along the channel until the massive bull run. It formed a double top from there and trickled back down into the channel. It has bounced within the upper and lower limits since reentering but this time (the next bounce off of the lower limits of the channel) is supported by RSI and OBV. RSI is slowly trending up and OBV seems to be held at a sideway market (awaiting for the bounce off the channel's lower limit).
The first resistance, and also the first sign of a breakout, would be the previous ATH of roughly $870. From there, I believe it will trend upwards towards $1000-1050 range before retracing back near previous resistance level. From there, it will continue its path and ultimately end near $1,400. Alternatively, ETH might even pass my target price of $1,400 due to BTC's uncertainty. Many people are venturing into ETH as a potential safe heaven during all the drama that is occurring with BTC: futures, media portray of BTC's bubble bursting, and endless forks. With segwit2x nearly behind us, BTC may be able to find a relatively stable support level where I believe BTC will move sideway for a while until the media and FUD around BTC settles down. Until then, ETH might be one of the better options to keep your investments relatively safe.
Lastly, this is, in no shape or form, investment advice. This is just my take on ETH's chart. Happy investing!
The first resistance, and also the first sign of a breakout, would be the previous ATH of roughly $870. From there, I believe it will trend upwards towards $1000-1050 range before retracing back near previous resistance level. From there, it will continue its path and ultimately end near $1,400. Alternatively, ETH might even pass my target price of $1,400 due to BTC's uncertainty. Many people are venturing into ETH as a potential safe heaven during all the drama that is occurring with BTC: futures, media portray of BTC's bubble bursting, and endless forks. With segwit2x nearly behind us, BTC may be able to find a relatively stable support level where I believe BTC will move sideway for a while until the media and FUD around BTC settles down. Until then, ETH might be one of the better options to keep your investments relatively safe.
Lastly, this is, in no shape or form, investment advice. This is just my take on ETH's chart. Happy investing!
Comment:
ETH is near our first TP, so prepare to take profits and wait for the retracement before the next leg up to our second TP
Trade closed: target reached