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.
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.
For over a month now the price of Ethereum has struggled at a certain price area. It is currently at this point again and has found some early resistance.
Ethereum and the $275 Brick Wall
I have posted the weekly chart of ethereum here as it gives us a clear view over the last 5 weeks of how the $275 area has been a problem.
Here’s the thing though, there is so much pent up action at that price that when it does break ETH is likely to give a burst higher. Upside targets would be 293 and then 318 with the larger
Did everyone have some fun the past 48 hours with the crypto move? If ETH is your favorite coin then maybe it wasn’t all that fun.
Ethereum did make a push and even pressed through it’s big resistance level. However, unlike BTC and LTC it did not maintain and level up.
Looking at the chart in this post you can see ETH blasted through, well maybe blasted isn’t the right word, it pushed through the 168 area resistance, but unfortunately could not close above it and came tumbling back down with the rest of the market in last night’s profit taking
Bitcoin has been consolidating within a falling wedge these past couple weeks. Today it broke out of that wedge with a nice increase in volume behind it. Volume is no where near where it needs to be for a sustainable bull run, but that’s not to say it can’t get there.
EOS broke above the known $2.45 resistance. The next major area of resistance is $3.00. If it can remain above at least $2.70 today, it could be a sign this bullish move has legs.
Ethereum bounced nicely off the known $100 phycological support. It’s currently trading around $118. The next major
Ethereum (Kraken: ETHUSD) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Ether began a wave one advance on December 14, 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 5 this year, and the red wave two (blue sub-waves a-b-c) correction ended on February 6. If this wave count is correct, Ether should be heading next towards the January 5 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
Looking at the monthly chart, I believe Ether is currently in the red wave five.