Tag: ethereum

The price move of Ethereum the past week has been quite bullish. Last week I wrote a post covering the positive signs I saw from price coupled with some upside targets.

Luckily it played out and Ethereum pushed higher reaching all but the 230 target on this first move.

Orderly Push Higher w/ Constructive Pullback

I love what I am seeing from price right now. If you look at the chart in this post you can see after the aggressive push higher we are seeing a nice little pullback.

This is constructive for two reasons:

• Volume was rising on the move up and is declining on the move down (though on a whole volume still isn’t very high)
• After stretching away, price is having an orderly pullback to allow the 10 day moving average to catch up (which I am using as a guide for re-entry)

As much as I’d like to see price touch the 10 day moving average and then push higher, it doesn’t always work that way. It could turnaround at any moment and push higher or come down even more. In the end, we need price to maintain above 202 for the price action to remain in a bullish tone.

As for upside targets. That 230 area is the next target. If price breaks above there then it has a shot at establishing in that prior range that has upside up to 273.

Is Alt Season Here?

Alot of people are claiming alt season is here. Well, I hope they are correct, but if we don’t get a second leg in this move by Ethereum and other alts then all it was is a bounce.

Here’s hope for another push!

The month of September had been constructive for ETH. If you look at the chart you will see three positive things occurred with price.

Break of Down Trend (descending triangle)

As you can see from the blue down trend line when price pushed down to support in that 168 area it was open to hold and then push the descending line.

This led to a modest bounce before a retest.

Retesting of Support/Down Trend Line

After the modest little bounce, two things happened: price testes the support line and tested the down trendline, which both happen to be at about the same price.

Anytime you get a break of a trend, a successful retest of it is always welcomed and considered positive price action.

Higher Low Formed

After the retest price pushed higher into the mid 180s or so and then had a small pullback briefly dipping into the 170s. At which point price has pushed higher the past few days.

This is important because in order to have an uptrend you need to see price create higher lows. Which just got one now we need more.

Price needs to stay above 180 for this recent price action to keep it’s positive tone, in my opinion.

The next upside target would be around 200. We shall see what happens the rest of the week.

Past few days saw crypto bounce after the hard sell-off.   Ethereum really didn’t bounce as much as BTC and LTC and finds itself at an inflection point.

Resistance Levels and Moving Averages

Looking at the daily chart you can see price rallied and met the 10 period moving average to work off some of the extremely oversold status it was in.

This level also happens to be a prior support, right around 230.   As we know once a support level is broken then it tends to act as resistance.

Thus, for price to go higher we need to see a push through this level and above the moving average.  Generally this happens when there is a volume buying breakout.

I don’t know if the crypto market has this in the plans after the relief rally.

Bitcoin is looking a bit healthy and as if it could leg up again, while litecoin does have a nice V-bottom pattern going on, but also is just bouncing from the breakdown of a head and shoulders pattern.

It will be interesting to see how those coins play out as well because as we know.  If those aren’t pushing higher its’ not likely ETH will either.