Ethereum Price Consolidating at 2nd Highest Top in its History

avatar

When weeding through the daily price chart of ethereum it turns out that the weekly is pretty much right in sync so in this post I use the weekly. This makes it much easier to see the full view of ethereum and how close we are to the all time high and why price is consolidating here.

Just one push away...

image.png

What a 4 week run!

Price doubled in a 4 week span going from the low 600s to the 1200s before beginning to consolidate this past week.

I'm usually wary of moves like this cus often violent pullbacks follow. This did kind of occur as the spike low from last week took price as low as 905.

The bullish thing is it immediately rebounded to close the week above the 1,215 level, which is the second highest line drawn on the chart.

That's looking high and tight!

If price can maintain up here for a while it is what some of my fellow traders uses to call "high and tight" which was one of their favorite bullish setups as the expected another leg higher.

This is exactly why I'm not sweating this aggressive moonshot higher the way I normally would.

If this "high and tight" pattern plays out then we should expect to see that push to the all time highs in the high 1300s.

Then its a wait and see how price reacts when it gets there.

This is obviously the near-term bullish outlook. On the opposite side if price fails to hold 1,215 then there is potential downside risk to the 950 area.

I'm sure the direction of bitcoin over the next couple weeks will have a large impact on which way ETH goes, so keep an eye on that too.

Posted Using LeoFinance Beta

crypto alchemist ethereum money palnet leofinance
0
0
0.000
18 comments
avatar

I have the feeling that altcoins will decouple for a while from BTC in the near future and ETH will lead that decoupling.

Once it breaks above $1,300 it will kind of replicate what BTC did after breaking $20,000.

Waiting patiently for the LTC chart :)

Sold my ETH for shitcoins long time ago... Now LTC the heaviest asset in my wallet.

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

Ironically I thought I sold all my LTC into ETH and LEO, but it turns out I have 11 coins sitting on a exchange I forgot about....Schweeeet! So yeah, an LTC chart will be coming soon!

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

Nice analysis, I think we could see a greater movement when the price surpasses the ATH. The price will follow BTC till the end of the bull run if the same of the last time happen.

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

It was a matter of time though. BTC broke ATH for 100% haha. I think if we break $1.400 Eth is going to eat eveything all the way up to $2k.

But yes, it depends on how will Btc behave.

Posted Using LeoFinance Beta

0
0
0.000
Reply