New highs possible for ETH

We are soon coming out of a period of balance and there will be volatility in some direction, most likely upwards in my opinion. I say upwards not only because of lack of acceptance into value area (which I defined as from the beginning of this major rally until now) and continuation of current trend, but also because bitcoin is having trouble closing above $1,200 as seen here:

Currently bitcoin and ether are inversely correlated.

I've actually already jumped the gun and bought ETH between $42 and $45 but I'm prepared to sell if price trades under trend line, closes a 1hr bar under $41, a 1d bar under $42, or if bitcoin closes a 1hr bar above $1,200.

Note

Bitcoin just closed a so-so 1hr bar above $1,200, however ETH is holding strong despite the rally. The correlation between bitcoin and ETH has pretty much broken down, which is bullish for ETH imo.

I'm still watching the $42 and $47 price levels for confirmation on what my next move will be and I still think new highs are likely. ETH could remain in balance for up to another three days but could break out at any time. Until then I'll continue to hold the coins I bought in this balance range.

Note

Just had a 1d bar close at $46.5 leaving a decent topping tail over $47. If the price breaks $47 again and closes a 1hr bar over $48 I believe ETH will make a new ATH.

Trade active

1hr bar just closed at $48.4. New ATH in the coming days. Target is around $60

Trade closed: target reached

$60 reached

trade_ghost

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