ETHUSD Has seen some interesting exponential growth, so I turned my logarithmic scale on and looked for clues towards the future. One thing that especially stuck out to me were some very obvious lines of support and resistance, sometimes at psychological price points and other times at high or low trend lines. One line in particular was interesting: the price point that tested the major trend resistance line ultimately became the price point which it broke out the support. That number was 400.Today, just 6 months after the previous break out down, we have a new resistance around 150 to 175 that is seeing the same kind of attention. The ascending triangle pattern that preceded the breakout upward is ghostly similar to the one we are seeing now. By early April, I expect Ethereum to surpass 150 and continue on upward.
Now this time, will it double bubble? Last time it tested a major resistance line, it bubbled high and kissed the line again, showing good support at that 400 line, but did not make it the second time. Good news is that the breakout will have some momentum before the next turn, so we can all enjoy a little bubble.
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So far, so good. Next week will be fun.Note
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Still on track. Major pull back on the stochastic RSI. Look familiar? Should hit 160 by April 5th.Note
* I mean pull past 160. Today it actually already hit 160. I just don't expect it to break out above 160 - too much resistance. Might take all week.
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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.