ETHUSD Triple Top Pattern at $600
Looking at the chart of Ethereum on the 4-hour timeframe we see a triple top pattern that was just recently confirmed by these most recent 4-hour candles.
From here it would be very reasonable for the price of ETH to drop down to at least the $556 level and below, but we've already seen the close retest of the level that just missed it by a few dollars. Not only did ETH not touch $556, but it also held inside the wedge to a Tee by wicking the bottom trendline before reversing the momentum back upwards.
Ethereum on the most recent dip has still managed to make consecutive higher lows as the price of the second largest cryptocurrency holds its bullish momentum as it trends higher. This is a very weird pattern because double and triple tops are supposed to mark the session high before a sell off, but my guess is that these tops were signaling a move back down to touch the $556 weekly support level.
Now that these candles played out, we know that $556 is acting as a very strong support level that I don't think ETH will fall below. Going long after another touch of the bottom side of this wedge, here are my TPs I have placed:
TP1 🎯 $601.52
TP2 🎯 $617
TP3 🎯 $687.15
I'm watching this chart very closely because this could still go both ways. The deciding factor is this wedge that Ethereum is currently holding in. If it touches back down on the bottom trendline and breaks out sideways, then there is a very good chance that $556 and lower will be hit. If you're waiting for the big short, there could still be a possibility as there are a number of bearish factors such as: the triple top and the fact that ETH still hasn't backtested the $470 level of support before moving all the way up to $600.
However, even with all these bearish factors I think the price of ETH will rise if Bitcoin continues to rise up. There is also an influx of new Ethereum news such as the Beacon chain of ETH 2.0 that launched on the 1st of this month as well as a whole bunch of institutional investors entering the top cryptocurrencies as the world is switching away from the USD standard.
Thank you all for your continued support, let me know where you think the price of ETH is going!
From here it would be very reasonable for the price of ETH to drop down to at least the $556 level and below, but we've already seen the close retest of the level that just missed it by a few dollars. Not only did ETH not touch $556, but it also held inside the wedge to a Tee by wicking the bottom trendline before reversing the momentum back upwards.
Ethereum on the most recent dip has still managed to make consecutive higher lows as the price of the second largest cryptocurrency holds its bullish momentum as it trends higher. This is a very weird pattern because double and triple tops are supposed to mark the session high before a sell off, but my guess is that these tops were signaling a move back down to touch the $556 weekly support level.
Now that these candles played out, we know that $556 is acting as a very strong support level that I don't think ETH will fall below. Going long after another touch of the bottom side of this wedge, here are my TPs I have placed:
TP1 🎯 $601.52
TP2 🎯 $617
TP3 🎯 $687.15
I'm watching this chart very closely because this could still go both ways. The deciding factor is this wedge that Ethereum is currently holding in. If it touches back down on the bottom trendline and breaks out sideways, then there is a very good chance that $556 and lower will be hit. If you're waiting for the big short, there could still be a possibility as there are a number of bearish factors such as: the triple top and the fact that ETH still hasn't backtested the $470 level of support before moving all the way up to $600.
However, even with all these bearish factors I think the price of ETH will rise if Bitcoin continues to rise up. There is also an influx of new Ethereum news such as the Beacon chain of ETH 2.0 that launched on the 1st of this month as well as a whole bunch of institutional investors entering the top cryptocurrencies as the world is switching away from the USD standard.
Thank you all for your continued support, let me know where you think the price of ETH is going!
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