ETH following it's history?!
Ethereum has some pretty noticeable similarities compared to it's price action in the summer of 2021:
1) Double bottom formation (W-pattern)
2) Price deviated above 21 MA (red circle on chart), formed a bottom and then broke out of 21 MA and we entered a rally.
This gives us "hopium" that bigger Ethereum and altcoin rally might be near but we should not get ahead of ourselves. It's very risky to blindly open longs based on this similarity. To open longs, I would like to see a clean break above 21 MA, also clean break above the 3257 range high with some retests for clean entry (red arrow on chart).
Safe trading!
1) Double bottom formation (W-pattern)
2) Price deviated above 21 MA (red circle on chart), formed a bottom and then broke out of 21 MA and we entered a rally.
This gives us "hopium" that bigger Ethereum and altcoin rally might be near but we should not get ahead of ourselves. It's very risky to blindly open longs based on this similarity. To open longs, I would like to see a clean break above 21 MA, also clean break above the 3257 range high with some retests for clean entry (red arrow on chart).
Safe trading!
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