Possible downward channel ETH is now in. 228 USD target?
Updated
Looks like price will want to bounce up again in the shorter term, and even eventually go down to 215-228 USD @ the 61.8% Fib-ext level.
Speculation: ETH possibly making its way up after hitting 61.8% level to overcome resistance -- to signal a pump much higher after completing a bull-flag formation.
Acceleration is trending upwards into the positive now, which is expected to pull Momentum higher again.
As usual, highly dependent on BTC chart too.
Buy Signal triggered on PRISM Signals on the 1hr timeframe.
Will wait for it to be triggered on the 3hrly time frame (where there's better confluence) for confirmation.
See prior analysis:
Speculation: ETH possibly making its way up after hitting 61.8% level to overcome resistance -- to signal a pump much higher after completing a bull-flag formation.
Acceleration is trending upwards into the positive now, which is expected to pull Momentum higher again.
As usual, highly dependent on BTC chart too.
Buy Signal triggered on PRISM Signals on the 1hr timeframe.
Will wait for it to be triggered on the 3hrly time frame (where there's better confluence) for confirmation.
See prior analysis:
Note
Note
Perhaps BTC to go relatively sideways while ETH and altcoins to go down lower a bit more now.Note
ETH within "Cost-Average Buy Zone". However Cyber Ensemble "buy" signal haven't triggered yet; only PRISM Signals' has.Note
BTC needs to turn bullish again, or at least show stronger signs of a turn-around or stabilisation before going relatively sideways, before ETH is to likely recover as well.PRISM oscillator indicate oversold condition:
However, acceleration and jerk oscillators still looking too weak to pull momentum up atm.
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