Ethereum Return to Strength?

2019年7月26日

Right now, the thick green line, is the corresponding trendline that BTC went parabolic on, however, most of the alts failed to reproduce the same results Ethereum--one of the strongest projects-- is included in that list. After its fall from 265, it dropped back to this trendline quickly and had a strong bounce off of it. The violet line is the current resistance against Ethereum a solid break above this would be bullish and its possible action might look something similar to the orange line and a break above the light blue line would be extremely bullish. This is an important level to watch for ETH because it has another opportunity to give a strong performance. A break below the solid green trendline would mean that the next horizontal support which is also green would be (most likely) the next target, I tried to denote what this action might look like with the yellow arrow. In addition, there was a break on the RSI, but, it still broke through the 40 bullish range.

However Ethereum is an important crypto to look at given that it is on a strong trendline.

The reason I am not mentioning anything about the "symmetrical triangle" is that it occurs more so in a shorter time frame.

Previous Analysis:

2019年7月26日

註釋

**Please Note that the arrows are not relative to the timing in which this action may occur**

2019年7月26日

註釋

I also believe that ETH might not fill the triangle and break out of the top resistance of it and consolidate there for a bit before popping such as the chart presented below: