Ethereum appears to be leaving Bitcoin behind in its dust as it is making new all-time
highs following the long consolidation period between May and October 2021.
During that time period, many crypto traders would have lost interest and felt the
trend was coming to an end, but staying on top of the charts is essential as anything
can happen at any time.
The 200 simple moving average acted as a strong level of support during consolidation
between June and July. The bullish momentum picked up in October, which took price
out of consolidation.
Any breakout can turn out to be a fake breakout which is why we like to see a retest
of support. So following the breakout, price tested support on November 6th before
breaking above the previous high.
As we see a pattern of higher highs and higher lows, we should see a continuation to
the upside and potentially a move towards $5000, which is the next level of resistance.
Cryptos can move fast at any time, so we will have to keep an eye on Ethereum
because it appears to be gearing up for something big.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
highs following the long consolidation period between May and October 2021.
During that time period, many crypto traders would have lost interest and felt the
trend was coming to an end, but staying on top of the charts is essential as anything
can happen at any time.
The 200 simple moving average acted as a strong level of support during consolidation
between June and July. The bullish momentum picked up in October, which took price
out of consolidation.
Any breakout can turn out to be a fake breakout which is why we like to see a retest
of support. So following the breakout, price tested support on November 6th before
breaking above the previous high.
As we see a pattern of higher highs and higher lows, we should see a continuation to
the upside and potentially a move towards $5000, which is the next level of resistance.
Cryptos can move fast at any time, so we will have to keep an eye on Ethereum
because it appears to be gearing up for something big.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
