ETHEREUM (ETH/USD) Made a Breakout From The Triangle!
Ethereum' has made a breakout from the Triangle. It has formed since September 12. and now - almost, two months period - we can say some bullish words about ETH'.
Multiple higher lows (HL) had printed on the chart and after the BTC' movement upwards Ethereum' made finally a decisional move upwards. Currently, it trades between the two important EMA's -100 & 200.
Ethereum' lived through a critical moment when it trades below the $200 and it had a possibility to make a new lower low (LL) but luckily the market got a bullish momentum and so as ETH'.
Firstly it breaks above the round number $200 and then yesterday it breaks above the triangle upper trendline which will indicate that we might see a continuation move upwards.
If the momentum is long-lasting then the triangle pattern shows us the target price and the major target (a little bit naive) would be around the round number at $300 but let's see which are the nearest resistances and the key levels before the major target.
First resistance is the latest lower high point at $225 and the 200 EMA which should act as a resistance. This has been historically a strong area and currently, it should act as a strong resistance. If we get a candle close above the mentioned level then we have a higher high market structure which will indicate that it may climb upwards, at least this is the first sign if we make a new higher high (HH) that we might see higher price levels. The higher resistances before $300:
- another strong area at $237
- $250 semi round number which should act as a resistance
- the strong area at $275
In the market, we have always two scenarios - bullish and bearish.
Surprisingly the first bearish confirmation comes from BTC' chart, if BTC' makes a breakout downwards below the $6,460 then the whole market could start to make a little bit bigger throwback. All Ethereum' throwbacks are healthy which stays above the round number and above the triangle trendlines. If we start to drop lower than $200 then it would be a strong sign that the momentum was short-lasting and it could make a new lower low. This leads Ethereum' into the critical area - into the lower low area at $190 - and from there the drop would be ugly, be careful!
If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
Multiple higher lows (HL) had printed on the chart and after the BTC' movement upwards Ethereum' made finally a decisional move upwards. Currently, it trades between the two important EMA's -100 & 200.
Ethereum' lived through a critical moment when it trades below the $200 and it had a possibility to make a new lower low (LL) but luckily the market got a bullish momentum and so as ETH'.
Firstly it breaks above the round number $200 and then yesterday it breaks above the triangle upper trendline which will indicate that we might see a continuation move upwards.
If the momentum is long-lasting then the triangle pattern shows us the target price and the major target (a little bit naive) would be around the round number at $300 but let's see which are the nearest resistances and the key levels before the major target.
First resistance is the latest lower high point at $225 and the 200 EMA which should act as a resistance. This has been historically a strong area and currently, it should act as a strong resistance. If we get a candle close above the mentioned level then we have a higher high market structure which will indicate that it may climb upwards, at least this is the first sign if we make a new higher high (HH) that we might see higher price levels. The higher resistances before $300:
- another strong area at $237
- $250 semi round number which should act as a resistance
- the strong area at $275
In the market, we have always two scenarios - bullish and bearish.
Surprisingly the first bearish confirmation comes from BTC' chart, if BTC' makes a breakout downwards below the $6,460 then the whole market could start to make a little bit bigger throwback. All Ethereum' throwbacks are healthy which stays above the round number and above the triangle trendlines. If we start to drop lower than $200 then it would be a strong sign that the momentum was short-lasting and it could make a new lower low. This leads Ethereum' into the critical area - into the lower low area at $190 - and from there the drop would be ugly, be careful!
If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
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