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ETH Ethereum: Is A Big Move Brewing?
Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Ethereum ( ETHUSD ), an altcoin cryptocurrency and the second largest by Cryptocurrency Market Capitalization.
#CryptoPickk notes the following:
1) Ethereum price formed a multi-month Cup and Handle Pattern which broke out at the end of October 2021. The re-test of the trendline happened a few days ago. It also coincided with a multi-month rising trendline (in green) where the price touched as well.
2) Ethereum price is currently headed to push through the all time high around $4,870 before going further up to $6,500. This would be a 39% price increase from the current price level.
3) The $6,500 range is the 1.618 Fibonacci Extension level, which is also the Cup and Handle Pattern target price range.
4) The RSI (relative strength index) recently bounced off the bottom trendline and is moving upwards. Breaking this trendline will have an effect on the price.
5) The Stochastic RSI (Stoch RSI), Money Flow Index (MFI) and MACD are all looking healthy.
6) The Volume is low but there is buying pressure picking up. If there is a large Volume candle that comes it, we can see prices moving up (or down) faster.
7) If the Ethereum price falls below the green colored bottom trendline, which has been significant support for multiple months, we could see much lower prices.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) Ethereum price formed a multi-month Cup and Handle Pattern which broke out at the end of October 2021. The re-test of the trendline happened a few days ago. It also coincided with a multi-month rising trendline (in green) where the price touched as well.
2) Ethereum price is currently headed to push through the all time high around $4,870 before going further up to $6,500. This would be a 39% price increase from the current price level.
3) The $6,500 range is the 1.618 Fibonacci Extension level, which is also the Cup and Handle Pattern target price range.
4) The RSI (relative strength index) recently bounced off the bottom trendline and is moving upwards. Breaking this trendline will have an effect on the price.
5) The Stochastic RSI (Stoch RSI), Money Flow Index (MFI) and MACD are all looking healthy.
6) The Volume is low but there is buying pressure picking up. If there is a large Volume candle that comes it, we can see prices moving up (or down) faster.
7) If the Ethereum price falls below the green colored bottom trendline, which has been significant support for multiple months, we could see much lower prices.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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