AT CryptoScan: ETHUSD rally off a base
It has been a while and previously posted about ETHUSD to take a tumble... yes, it did albeit it took a longer time to get to the downside target. Since then, there has been some consolidation and minor breakouts. The custom MACD and VolDiv indicators in the weekly charts have also had significant crossovers which collectively are signaling the bottoming out of ETHUSD.
Seen in the weekly chart, a consolidation triangle breakout in mid-January 2023 gave the first signal, just below 1600. The second signal came from the range breakout in March 2023, just below 1800. Recently, a retest of the range happened in June 2023 and this retest was followed by a solid break up that brought ETHUSD to 1900.
Given the previous trigger points and admittedly, some skepticism on the validity of ETHUSD comeback, it appears that the tests have been positive and there is a possible real longer term sustainable breakout incoming.
Positioning at the last bounce off, am expecting the technical indicators to turn over up over the next month, and a break above 2000 to Fibonacci upside target at 2400. Candlestick pattern shows the first indication of a solid rally with momentum and needs to continue.
Noted this is the weekly chart for ETHUSD... so ranges are larger, and takes time to bake the cake. 2000 is a critical resistance which will be tested over the next weeks, and watching the outcome would be a really good thing at this point.
Heads up!
Seen in the weekly chart, a consolidation triangle breakout in mid-January 2023 gave the first signal, just below 1600. The second signal came from the range breakout in March 2023, just below 1800. Recently, a retest of the range happened in June 2023 and this retest was followed by a solid break up that brought ETHUSD to 1900.
Given the previous trigger points and admittedly, some skepticism on the validity of ETHUSD comeback, it appears that the tests have been positive and there is a possible real longer term sustainable breakout incoming.
Positioning at the last bounce off, am expecting the technical indicators to turn over up over the next month, and a break above 2000 to Fibonacci upside target at 2400. Candlestick pattern shows the first indication of a solid rally with momentum and needs to continue.
Noted this is the weekly chart for ETHUSD... so ranges are larger, and takes time to bake the cake. 2000 is a critical resistance which will be tested over the next weeks, and watching the outcome would be a really good thing at this point.
Heads up!
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