Ethereum is following the general price movements of Bitcoin (as it always has) and there is a head and shoulders pattern in both Bitcoin AND Ethereum. I already updated my prior idea on Bitcoin to include this new development, and this is just to show everyone who didn't view my prior idea exactly what (I think) is going to happen. As you can see above, the neckline is at 3137$, and Ethereum has rebounded off that level. There will probably be some sort of short consolidation before a move upwards to 3300$, which will be followed by a big dump down to 2925$. And this will all happen with two weeks, if my analysis is correct. Personally, I will sell my position in Ethereum at 3300$ and wait to see if my prediction comes to fruition. Otherwise, I'll just buy back at a slightly higher price and all is well. Down below is the link to my Bitcoin idea, which is still in progress (so you haven't missed much.)
***This is NOT financial advice. Yes, I am telling you exactly how to make money, but not officially! I do this for fun. And do I actually have to write these disclaimers at the bottom or am I just wasting my time? Tell me down below as well as any other things you might want to say.***
***This is NOT financial advice. Yes, I am telling you exactly how to make money, but not officially! I do this for fun. And do I actually have to write these disclaimers at the bottom or am I just wasting my time? Tell me down below as well as any other things you might want to say.***
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Well, I was wrong. The head and shoulders pattern didn't work out like I thought it would. No problem! My prediction about the general market direction still stands, and I still think we are headed to at least 3000$, especially with the rising wedge Bitcoin has. The only thing that has changed is the pattern:Ethereum is now in a bearish channel, which should bring it down to my original price target.
As you can see, a pullback to the 3138$ resistance provides an opportunity to short Ethereum.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.