On the left, at first sight it looks very bad for ETH’, with that Feb dump and what looks like a big that has been formed the past month. But when zooming in a bit, we can see what looks like a real channel, where the price is moving inside of. Even at the break of that channel 2 days ago, we saw some increase and a decent drop as well, but not really what we are used to seeing from ETH’. Normally the moves are much bigger on the upside and downside. Just as the rest like BTC’ and LTC’, just not seeing anything obvious at this point.
While i am writing this, looks like a breakout of that triangle (or ) is about to happen. The target of this formation, is simply the high of the channel. So even if it breaks up, it would not change anything of the current channels. I think only a good increase in together with a break of the 136/137, might be a short/mid term change of the whole picture.
Assuming the on the left is real as well, it would mean that even if we move up now towards the 136ish, it could still simply be a retest before a big drop happens. That’s why i mentioned above, bulls would need to be strong in and speed, otherwise the bears will simply take over again.
Long term, the 124ish seems to be a big for ETH’. So if that one breaks, we will very likely be headed towards the 100ish again. Upside potential is limited at the moment, because the past month or so it seems like there are no real ETH bulls left. has been dropping the whole month now, even during the moves up. If that doesn’t change, the movement up will be limited.
As i am writing this, it broke up already, so we should see it getting close to 135.5/136 quickly now. bitcoin’ also broke the 3920 and is trying to fight off the it has been moving inside of the past 36 hours.
Previous analysis:
Published at Wed, 27 Mar 2019 00:58:11 +0000
