Hello all. Below this post you will find my previous 20% trade on etherium with more information on the pattern which etherium broke out of.
Looking at ETHUSD on the daily timeframe, we see that etherium has reached the descending line of resistance sitting at $1500.
Two possible scenarios that can play out now.
1) Etherium breaks above the $1500 price mark and goes towards the next resistance at $1800 and/or towards even bigger resistance at $2000. (Fib 261%)
2) Etherium gets rejected and falls towards the ascending line of support at exactly $1000 price mark and/ or even further towards the $650 which is the support line of the falling wedge pattern.
I suggest to keep an eye on the $1500 mark, which will tell us if the next 30% move will be towards the upside or the downside.
Important to note: the price of eth currently sits below the 200 Week EMA, and the daily stochastic RSI is currently in the overbought territory.
Thanks for reading, and stay tuned. Enjoy and happy Monday.
Looking at ETHUSD on the daily timeframe, we see that etherium has reached the descending line of resistance sitting at $1500.
Two possible scenarios that can play out now.
1) Etherium breaks above the $1500 price mark and goes towards the next resistance at $1800 and/or towards even bigger resistance at $2000. (Fib 261%)
2) Etherium gets rejected and falls towards the ascending line of support at exactly $1000 price mark and/ or even further towards the $650 which is the support line of the falling wedge pattern.
I suggest to keep an eye on the $1500 mark, which will tell us if the next 30% move will be towards the upside or the downside.
Important to note: the price of eth currently sits below the 200 Week EMA, and the daily stochastic RSI is currently in the overbought territory.
Thanks for reading, and stay tuned. Enjoy and happy Monday.
