Interesting times for Ethereum / USD. Where to from here?
My charts have been frighteningly accurate when it comes to Ethereum and Bitcoin over the last week. Here's an update of what I'm seeing now.
My last Ethereum Chart was not a prediction by any means, it was more to just bring awareness of the MONSTER head and shoulders pattern lurking out there should we get a close and confirmation below black trendline (sloping up). Looking at the 4hr chart you can see that we are currently trading within an ascending triangle and/or a bear pennant. The target of either of these, should we see a breakdown, would put Ethereum below the rising black trend line and if we close beneath that... it will confirm a monster head and shoulders pattern dating back to the beginning to mid December.
As we all know, a lot of Ethereum's movement is determined by the price of BTC, which right now isn't necessarily looking all that great. If Bitcoin crashes, so too does Ethereum. Will we see a strong bounce off of the black rising trendline or crash right through it? That line has shown to be very supportive in the past, but I don't really see it holding up if Ethereum follows Bitcoin's prices down the tube (provided that is what actually happens with BTC).
If we were to see a reversal off of that trendline, I might consider going long with a stop loss just below the rising black trendline. If we confirm below it, that makes me EXTREMELY bearish for the near future of Ethereum until we break back above that line.
Sorry guys, no predictions here, just my observations and what I see POTENTIALLY happening here... I'm on the sidelines with Ethereum until I see more definitive signals to either buy or sell.
Follow for more updates as they come along. Good luck!
My last Ethereum Chart was not a prediction by any means, it was more to just bring awareness of the MONSTER head and shoulders pattern lurking out there should we get a close and confirmation below black trendline (sloping up). Looking at the 4hr chart you can see that we are currently trading within an ascending triangle and/or a bear pennant. The target of either of these, should we see a breakdown, would put Ethereum below the rising black trend line and if we close beneath that... it will confirm a monster head and shoulders pattern dating back to the beginning to mid December.
As we all know, a lot of Ethereum's movement is determined by the price of BTC, which right now isn't necessarily looking all that great. If Bitcoin crashes, so too does Ethereum. Will we see a strong bounce off of the black rising trendline or crash right through it? That line has shown to be very supportive in the past, but I don't really see it holding up if Ethereum follows Bitcoin's prices down the tube (provided that is what actually happens with BTC).
If we were to see a reversal off of that trendline, I might consider going long with a stop loss just below the rising black trendline. If we confirm below it, that makes me EXTREMELY bearish for the near future of Ethereum until we break back above that line.
Sorry guys, no predictions here, just my observations and what I see POTENTIALLY happening here... I'm on the sidelines with Ethereum until I see more definitive signals to either buy or sell.
Follow for more updates as they come along. Good luck!
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