Ethereum (ETH)
Updated
Ethereum—some call it the silver of cryptocurrencies; obviously, Bitcoin is the gold. Anyway, continuing from the last ETH analysis, ETH is still moving in a wide ascending channel. Currently, ETH is oscillating in a triangle pattern that is sloped slightly upward. At the same time, there is a horizontal resistance/support area that acts like a magnet. Also, the channel's middle line is important for deciding upward or downward movement. Let's see which way ETH breaks this triangle pattern.
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Ethereum reached the lower line of the triangle pattern. If this line holds and supports ETH, an uptrend wave could start that also could affect other altcoins as well. Let's see what happens.
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So, Ethereum reached the bottom of the triangle pattern, made a false breakout and then gone up. Let's see if ETH can reach the upper line of this triangle, or even break above it.
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So, Ethereum reached the minor all-time high level, but couldn't break it. After a brief correction and gaining momentum, ETH headed again toward the minor horizontal resistance area, trying to break it. Let's see what happens.
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So, Ethereum broke the minor horizontal resistance area and is trying to break the major triangle pattern. Let's see what happens.
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So, Ethereum finally broke the major triangle pattern upward, and is going up strongly; mainly due to the Bitcoin ETFs being approved by SEC.
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Based on ETH and ETH/BTC charts, it seems ETH is way behind and just started the new upward phase. This means ETH can achieve much higher targets. Let's see what happens.
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So, ETH went up to the first horizontal resistance area, and then correction started in the shape of descending triangle pattern. Let's see when ETH breaks this triangle upward.
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So, ETH broke the descending triangle pattern, did it with momentum, and is going up toward the first horizontal resistance area. Let's see what happens.
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So, it seems ETH is moving sideways in a somewhat medium size triangle. Currently, ETH is moving upward toward this triangle's upper line. Let's see if ETH can break this triangle upward or not.
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So, as it turned out, ETH is moving in an ascending channel, and currently at the bottom. If this channel's bottom could support ETH one more time, ETH can start the next upward wave and rise high. Let's see what happens.
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