ETH broke channel and confirmed support, next $195 then $365?
Ethereum has had a 2 year+ descending trend line of resistance which formed into a descending channel after June 2019 highs. The 6-7 month descending channel of sadness. But recently, along side BTC, Ethereum broke out of its channel and unlike the previous break which came back down into channel, this time we came back and confirmed top of channel as support. This is very bullish and suggests the next ETH run is about to happen.
Last June we saw a high of $365 so anything higher than that should be considered quite bullish. To establish a definite long term bull trend we need to break above the previous high of $1400. There is a chance we will see a top around $195 making this a 3rd smaller wave however, it feels more like we are about to test last June's highs on this run.
Calling for ETH run with notable resistance at $195 & $365 with breaking $365 seen as quite bullish with potential for continued run. Breaking $1400 indicates ETH could see a 5 digit face value in some years. I started buying ETH long at .88cents. I sold the last of my ETH @ $1400 and then $900. I have started picking up a small long holding again. Its already a big market cap but it is the most utilized blockchain by the corporate world by far and they have a lot of great enhancements in the hopper. I dont see any other BAAS platform displacing Ethereum any time soon, same as no cash alternative coin will displace Bitcoin any time soon.
ETH correlates strongly with BTC so if BTC pulls back, expect similar of ETH. Always TA BTC when trading alts to have SA, its the most important indicator. If the market turns sour, consider re-entering position when ETH drops to bottom of that 6 month channel which right now is around $100. The market seems bullish as we prepare to make a major run across most crypto charts, many which have already started.
Also please consider looking at order book action for short and medium term trading, its especially helpful for swing trading and scalping. We have TV charts enabled at the moment though still working out some kinks.
vcdepth.io
This is not investment advice, you should always DYOR!
Last June we saw a high of $365 so anything higher than that should be considered quite bullish. To establish a definite long term bull trend we need to break above the previous high of $1400. There is a chance we will see a top around $195 making this a 3rd smaller wave however, it feels more like we are about to test last June's highs on this run.
Calling for ETH run with notable resistance at $195 & $365 with breaking $365 seen as quite bullish with potential for continued run. Breaking $1400 indicates ETH could see a 5 digit face value in some years. I started buying ETH long at .88cents. I sold the last of my ETH @ $1400 and then $900. I have started picking up a small long holding again. Its already a big market cap but it is the most utilized blockchain by the corporate world by far and they have a lot of great enhancements in the hopper. I dont see any other BAAS platform displacing Ethereum any time soon, same as no cash alternative coin will displace Bitcoin any time soon.
ETH correlates strongly with BTC so if BTC pulls back, expect similar of ETH. Always TA BTC when trading alts to have SA, its the most important indicator. If the market turns sour, consider re-entering position when ETH drops to bottom of that 6 month channel which right now is around $100. The market seems bullish as we prepare to make a major run across most crypto charts, many which have already started.
Also please consider looking at order book action for short and medium term trading, its especially helpful for swing trading and scalping. We have TV charts enabled at the moment though still working out some kinks.
vcdepth.io
This is not investment advice, you should always DYOR!
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