Currently ETHUSD has been consolidating around this $200 level. Once we break these trend lines that are shown, we will be moving up to the $300 range rather quickly. From there I imagine we will consolidate before a greater move up to the 500 area.
We can see significant divergence in RSI and MACD, MACD is also pointing up giving it a boost as well. We are very much in oversold territory and I think it's just a matter of time before we get a more significant rebound.
I have also overlaid this ETH/BTC chart on top of ETH/USD. As stated in my other posts, we can recognize almost an identical flow and pattern. This leaves me to believe that with ETH/BTC hitting all times lows in 2017 and almost reaching some levels it did in 2016 and that it's just a matter of time before we get a significant move up. In fact, we have already broken the trendline on ETH/BTC, it's just consolidating at this point. Timing wise, the market might be waiting for the SEC to kick the VanEck ETF decision down the road, or it might be waiting for the Ethereum upgrade to take effect. Ethereum is positioned very well to have a massive move up and my bias is much more bullish on Ethereum than BTC at this juncture.
If we do not break up past these trend lines we could see ETH go down to $150, possibly $100. However, I find the likely hood of a significant move up far greater with ETH/BTC hitting these 2017 lows(almost 2016 figures) and ETHUSD hitting these levels from 2017. If you compare the 2014 BTC crash to ETH, we have already had a downward move that was similar if not greater in magnitude when compared to BTC. I am inclined to believe this area will be the bottom for ETH, but remember, this is crypto.
Happy hodling,
-Sherem
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Previous posts:
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Red trend line is broken. Major gold one coming up. Looks like we just have some ascending patterns and a possible bull flag going on.
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ETH/BTC has already broken it's downward trendline indicating a further push up. ETH/USD is at the top of this channel and really close to being at this trendline and breaking it.
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We're flirting with this $230 level and moving through it which is a very good sign.
Need a solid break of this trend line to confirm a move. We are getting there.
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Here we go! Hope you all got on this train a while ago!
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Ok folks, we have a breakout, confirmed on ETH/BTC not fully confirmed yet on ETHUSD. but things are looking really good. We are getting confirmation on the smaller time frames, but I would like to see this daily close strong above this trend line, and even push a little further. Bottom line, as long we have this momentum, things look good. remember, we are targetting the $500 area.
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As it appears right now, it looks like we are going to move up soon.
We are still consolidating.... could see lower prices first
jordanmorin13
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I absolutely believe this is right long term head and shoulders pattern if follows should see a bounce to around 450-550 and then come back down to 75-150 and bottom out somewhere in there before seeing new all time highs
CryptoFallen
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@jordanmorin13, lol wth you on about haha that is a massive drop lol
tamola
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thx for sharing your idea and chart.
Only thing I wonder is that it just does depend on the behaviour of the over-powering BTC... or do you think it can be analysed seperately?
slfmd
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Yep, easy money here. I DCA from $220 down and will hold this long term.
mxpwladimir
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Thanks Sherem, I'm with you on this !
I noticed that ETH was holding pretty well during this last BTC fake-dump, much much better than during last months. I can imagine many people sold their ETH's in that BTC panic, but someone bought it at all eyes-closed, otherwise we would be at 150 USD already. Something is coming as you say...