ETH will continue its rally?

ETH has increased 25% within three last days. Will it continue with a bigger rally?

Following Wyckoff analysis, its seems that price action is in phase D: consolidation around the higher ranges. If these levels around 1700 holds, another leg up would happen.

Can Shanghai upgrade could be a catalyst for next big move of ETH?

Proposed Targets are in chart

• Target: blues lines for intermediate targets and blue zone for final one
  
• SL: below the EMA 50D
  

PS: In my previous analysis (cf the link below), a Spring was missing. ETH didn't follow the Accumulation Schematic 2.

交易手动结束:

Trade closed due to bad macro context (linked to banks)

交易开始:

ETH broke the upper resistance (UA level).

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+5% but it's just a start

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ETH did'nt go up much the last day because ETH/BTC has been decreasing.
At this moment, ETH/BTC is at support...
It's expected that ETH would go up faster (along with BTC).

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ETH still hold the UA level, around $1715

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ETH starts moving up with the whole crypto market.
Can it outperform BTC this time?

交易手动结束:

BTC seems to form a double top pattern (on 4H TF). It would have a correction...

交易开始:

I re-enter because that ETH hold well the current level and because of the following chart:

评论:

ETH's 1W candle broke the current trendline (dashed black line) and retested it. Logically, prices will go to the next upper trendline (around $2400-$2500)

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News: ETHEREUM SHANGHAI UPGRADE (MAINNET) ON APRIL 12, 2023

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Local consolidation area is being broken out. ETH is ready to take-off

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Slow but steady moves upside.
If nothing bad happens on 12 April (17M of ETH being unlocked tommorrow), ETH would go up faster.

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Shanghai unlock didn't not trigger massive withdraw. ETH is up 4% and outperforms BTC today. Intermediate target 2024 is almost reached.

+20% since entry at post's time.

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ETH are leading alcoins, please check my related analysis