No Decision on ETH

ETH will be the second project that we look at on our conquest to canvass a decent portion of the T20-30 projects in the blockchain space.

We’ll go ahead and start with where we picked off prior; for those that do not remember, we had plotted the overhead downtrend resistance for Ethereum (which we made clear would be through at any time in the near future).

Now it has.

To be more precise here, the break occurs when the price breaches the slope.

Specifically, on the daily resolution, this occurred on October 1st. So appears that Ethereum decided to start the month off with a bang.

This is curious when considering the fact that BItcoin's performance took off as well. I say this because typically the two protocols are in different market cycles.

But right now if we were to juxtapose the price trajectory of Bitcoin over the past 24-72 hours with that of Ethereum, the charts would appear to be overlaid nearly as one.

Some Additional Points of Note

Let's take a look at the total appreciation for Ethereum over the past 24-72 hours.

Next, let's take a look at some exponential moving averages (12, 26, & 50).

In the chart above:

Purple Line = EMA-12

Green Line = EMA-26

Golden Line = EMA-50

Curiously, over the past day or so, the EMA-12 crossed above the EMA-50 (but still remains beneath the EMA-26). Thus, this stack is weakly bullish).

I want to see if I can glean some information about potential price activity in the immediate term, so I'm going to adjust the time frame to the H4 resolution (4-hours). Let's see what that gives us.

I added a few horizontal lines to the chart to mark points of support that I identified on this timeframe

quick note - left this alone for a second since the markets were lackluster today on a Sunday (to a certain extent)

This is Hard to Read; Zoom Out

There's nothing on the chart on any time frame that really screams bearish or bullish.

Take a look at on the 3D-resolution (3-day). We took off the exponential moving average lines & overlaid the chart w the Librehash Reversion Ribbon.

The candles in the above over the past few periods are deep red. This indicator colors candles candles differently (in addition to providing reads via the Histogram, height of the ribbon & convergence / divergence of the ribbon itself, along with various changes in the color of the actual ribbon which occur independently of crossovers of one band or another).

When the chart's candles are colored deep red, that typically indicates deep bearish action (not increasing; but comparatively to prior periods). Curiously, the last three consecutive candles are all deep red (with no change in color), despite the fact the price appreciated by ~23%.

This observation is even more curious when considering the fact this surge in ETH's price has taken place over the last 9-12 days only (which really isn't that long at all).

However, if we take a look at the Histogram's height over that same time frame. Which...appears bullish.

Shrinking Back Down to the Daily

Looking back at how we got here, it is worth noting that there was a fairly deep backslide in the price that occurred from Sept. 15th-21st (~22% loss).

That drop in the price created a steep overhead downward resistance.

The fact that overhead diagonal downtrend was broken a few periods later is definitely a positive sign (if we're looking long-term).

From that point, the price has appreciated by approximately ~16%. But at th time of writing, the price has remain stagnated at the 3.4k mark for some time (little to no real price action).

There are potential looming regulatory issues for several projects on Ethereum which have the potential to dramatically stunt investment / buy pressure (via bearish sentiment that grows toward the idea of DeFi, in general).

Conclusion

No R/R.

Don't see any position here that looks promising. If you don't like that, then you're an impulsive gambler that should pay special attention to the author's refusal to push a frivolous idea for the sake of saying "target"!

That's what idiots do.