I wanted to look at Ethereum in a bit of a different way and mark out where I though important price areas were located. The horizontal blue dashed lines and the horizontal red dashed lines indicate areas where multiple peaks and valleys meet over a long period of time (places that have been hit multiple times before).
The pink dotted line indicates the price point I think Ethereum needs to exceed in order to have a bullish breakout ($973). If Ethereum breaks the area where the green downtrend trend line and pink dotted price line meet, I expect Ethereum will have a nice increase in price and go much higher into other important price zones.
On the other hand, the purple dotted line indicates the price point I think Ethereum will suffer a breakdown and into bear hibernation territory ($783). If Ethereum should fall below where the purple dotted line and the cyan downtrend line meet, I expect it'll keep falling and it will be back to the bear caves real quick, hitting multiple red dashed price lines on it's way down in order to square up areas back from November-December.
Now where do I think Ethereum is headed? In the short run I am still convinced (as in my previous charts) that it is going down. The movement over the past month has just not been very convincing. In the long run, I do believe Ethereum will eventually go up to re-test previous areas, but not without this correction first.
The pink dotted line indicates the price point I think Ethereum needs to exceed in order to have a bullish breakout ($973). If Ethereum breaks the area where the green downtrend trend line and pink dotted price line meet, I expect Ethereum will have a nice increase in price and go much higher into other important price zones.
On the other hand, the purple dotted line indicates the price point I think Ethereum will suffer a breakdown and into bear hibernation territory ($783). If Ethereum should fall below where the purple dotted line and the cyan downtrend line meet, I expect it'll keep falling and it will be back to the bear caves real quick, hitting multiple red dashed price lines on it's way down in order to square up areas back from November-December.
Now where do I think Ethereum is headed? In the short run I am still convinced (as in my previous charts) that it is going down. The movement over the past month has just not been very convincing. In the long run, I do believe Ethereum will eventually go up to re-test previous areas, but not without this correction first.