On Jan 2020 I posted an article where I revealed that the Ethereum has formed a very big bullish harmonic Shark pattern on 2 week chart and the priceline was entered in potential reversal zone of this bullish Shark and it was suppose to take bullish divergence from this PRZ level.
The price action was expected to produce between 59% upto 123% and the price action took bullish divergence from this potential reversal zone and so far it has generated more than 96% profit and at this time the price action of Ethereum is entered in Fibonacci projection area of C to D leg as I predicted.
Ichimoku Cloud Turned Bullis:
Up to week chart the Ichimoku cloud is turned bullish at this time on this week chart the lagging span has crossed up the priceline and that is very bullish indication specially on week chart.
Candle sticks are crossing up the conversion and base line and also crossing bullish cloud once these crosses up will be completed the it will be difficult for the priceline to make a reverse move and cross down the cloud and conversion and base lines, in the meanwhile conversion line is crossing up the base line just below the priceline of Ethereum once this bull cross will be completed the cloud which is again reversed bearish at the moment it will be tunred back bullish.
Indicators And Oscillators:
If we see even on 2 week long term chart then it can be clearly observed that all important indicators and oscillators are turned bullish like the stochastic has given bull cross from oversold zone and we have received this bull cross after Dec 2018.
The moving average convergence divergence (MACD) is turned strong bullish after Jun 2019 and chop zone is also turned bullish after Jun 2019 these indicators are clearly showing that the trend is being changed in favors of bulls now.
Moving Averages:
If we see the movement of simple moving averages with time period of 50 and 200 on week chart then it can be observed that the price action has almost crossed up the 50 simple moving average and fighting the strong resistance of 200 SMA (in black), once the price action will be successful to cross up then it can easily breakout the long term price resistance at $310.97 here one more thing is in favor of this breakout that the momentum is also completed shifted to bulls as there can be seen 1st strong bullish bar in momentum indicator after Jul 2019.
Once this resistance will be broken out then the price action may move to break or hit the next long term resistance at $742.28.
This is a long term analysis there can be many other resistances on short term charts that I am not discussing this time this is a long term perspective post.
I will keep posting more updates on Ethereum when I will find more developments.
The price action was expected to produce between 59% upto 123% and the price action took bullish divergence from this potential reversal zone and so far it has generated more than 96% profit and at this time the price action of Ethereum is entered in Fibonacci projection area of C to D leg as I predicted.
Ichimoku Cloud Turned Bullis:
Up to week chart the Ichimoku cloud is turned bullish at this time on this week chart the lagging span has crossed up the priceline and that is very bullish indication specially on week chart.
Candle sticks are crossing up the conversion and base line and also crossing bullish cloud once these crosses up will be completed the it will be difficult for the priceline to make a reverse move and cross down the cloud and conversion and base lines, in the meanwhile conversion line is crossing up the base line just below the priceline of Ethereum once this bull cross will be completed the cloud which is again reversed bearish at the moment it will be tunred back bullish.
Indicators And Oscillators:
If we see even on 2 week long term chart then it can be clearly observed that all important indicators and oscillators are turned bullish like the stochastic has given bull cross from oversold zone and we have received this bull cross after Dec 2018.
The moving average convergence divergence (MACD) is turned strong bullish after Jun 2019 and chop zone is also turned bullish after Jun 2019 these indicators are clearly showing that the trend is being changed in favors of bulls now.
Moving Averages:
If we see the movement of simple moving averages with time period of 50 and 200 on week chart then it can be observed that the price action has almost crossed up the 50 simple moving average and fighting the strong resistance of 200 SMA (in black), once the price action will be successful to cross up then it can easily breakout the long term price resistance at $310.97 here one more thing is in favor of this breakout that the momentum is also completed shifted to bulls as there can be seen 1st strong bullish bar in momentum indicator after Jul 2019.
Once this resistance will be broken out then the price action may move to break or hit the next long term resistance at $742.28.
This is a long term analysis there can be many other resistances on short term charts that I am not discussing this time this is a long term perspective post.
I will keep posting more updates on Ethereum when I will find more developments.
