[ETH-USD] ETHERIUM OVERBOUGHT! SPRINT OVER!
ETHERIUM: SHORT TERM
Etherium is finishing its 4th leg on the elliott wave cycle making its way up to test the $877 Resistance. Notice the BULLISH signal on bottom that was given on April 11th, 1700 hrs which is a GOLDEN CROSS on the 2 hr chart where the 50 day MA crossed over the 200 day MA.. That was the perfect signal to go long. However, despite the great news, Etherium is SO OVERBOUGHT and needs a correction and pullback to remain healthy and strong!
Volume is progressively great but in the short term precisely right now, I personally would not touch Etherium, since I see it pulling back with the average correction being about 10% down. Which would put you anywhere between $605-$625 where the 200 MA acts as support at the worst on a short term few days thru 2 weeks. In conclusion , short term a rising ascending wedge is observed being formed which indicates a BEARISH SIGNAL and Both my short term and long term TA signals confirm a reversal is imminent and way overdue any day now!
ETHERIUM: LONG TERM
Looking at the 1 day chart below, we can see that Etherium was about $360.80 at its lowest point April 04,2018… In 29 days it has practically doubled with a growth of 93%. Wow! That is really good for Etherium investors !
What has helped Etherium is that since April 03rd, 2018 the market cap for Etherium has nearly doubled. On April 25th, according to coinmarketcap.com the 24hr volume even reached 4 billion which was awesome! This is all great bullish news in under 45 days. Signifying the bulls have taken over for Etherium!
So what kind of obstacles are ahead for Etherium long term? Well for starters, its OVERBOUGHT right now and is due for a correction any day now. It has had a nice upside for 28 days straight, and the RSI is showing the buying pressure is slowing down and has started to correct. The OBV shows it consolidating for at least 5 days! The Chaiken Money Flow, CMF shows an arch, showings signs of decline on money flow. MACD, is still positive for small growth.
The highest it would go in the next 10-15 days in my opinion would be testing the resistance at 38.20 fib retracement level at $861-$877 which I believe would FAIL, without "substantial" volume to break thru.
Refer the the day chart below, but it's obvious to me that Etherium will be ranging between the 100 and 200 day moving averages. If it drops to the 50 day MA it would demonstrate a sign of weakness with a good buying opportunity for those were left out at about $534 being the bottom for time being if we remain with a market full of restored confidence!
The most I see, with Etherium for the next 7 days is minor growth then, consolidation with an imminent dump long term ranging from a 12% thru 25% negative correction where the 50 day MA will hold as a support line at $519
PS: This is not financial advice and only for education purposes. Perform your own TA! This is only my opinion and should not be construed as financial advice.
If you learned even one thing, then like my TA and follow me to support my channel.
Thanks
CryptoBuzzAnalyst
Etherium is finishing its 4th leg on the elliott wave cycle making its way up to test the $877 Resistance. Notice the BULLISH signal on bottom that was given on April 11th, 1700 hrs which is a GOLDEN CROSS on the 2 hr chart where the 50 day MA crossed over the 200 day MA.. That was the perfect signal to go long. However, despite the great news, Etherium is SO OVERBOUGHT and needs a correction and pullback to remain healthy and strong!
Volume is progressively great but in the short term precisely right now, I personally would not touch Etherium, since I see it pulling back with the average correction being about 10% down. Which would put you anywhere between $605-$625 where the 200 MA acts as support at the worst on a short term few days thru 2 weeks. In conclusion , short term a rising ascending wedge is observed being formed which indicates a BEARISH SIGNAL and Both my short term and long term TA signals confirm a reversal is imminent and way overdue any day now!
ETHERIUM: LONG TERM
Looking at the 1 day chart below, we can see that Etherium was about $360.80 at its lowest point April 04,2018… In 29 days it has practically doubled with a growth of 93%. Wow! That is really good for Etherium investors !
What has helped Etherium is that since April 03rd, 2018 the market cap for Etherium has nearly doubled. On April 25th, according to coinmarketcap.com the 24hr volume even reached 4 billion which was awesome! This is all great bullish news in under 45 days. Signifying the bulls have taken over for Etherium!
So what kind of obstacles are ahead for Etherium long term? Well for starters, its OVERBOUGHT right now and is due for a correction any day now. It has had a nice upside for 28 days straight, and the RSI is showing the buying pressure is slowing down and has started to correct. The OBV shows it consolidating for at least 5 days! The Chaiken Money Flow, CMF shows an arch, showings signs of decline on money flow. MACD, is still positive for small growth.
The highest it would go in the next 10-15 days in my opinion would be testing the resistance at 38.20 fib retracement level at $861-$877 which I believe would FAIL, without "substantial" volume to break thru.
Refer the the day chart below, but it's obvious to me that Etherium will be ranging between the 100 and 200 day moving averages. If it drops to the 50 day MA it would demonstrate a sign of weakness with a good buying opportunity for those were left out at about $534 being the bottom for time being if we remain with a market full of restored confidence!
The most I see, with Etherium for the next 7 days is minor growth then, consolidation with an imminent dump long term ranging from a 12% thru 25% negative correction where the 50 day MA will hold as a support line at $519
PS: This is not financial advice and only for education purposes. Perform your own TA! This is only my opinion and should not be construed as financial advice.
If you learned even one thing, then like my TA and follow me to support my channel.
Thanks
CryptoBuzzAnalyst
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