EthereumLong
Ethereum Could Skyrocket In Near Future
Similar to BTCUSD from my post yesterday, Ethereum (ETH) has broken through the long term resistance curve. This alone should be a sign that we may see drastic bullish behavior. Additionally, I pointed out that the key date to look at is when the support line intersects the long term resistance. I stated that if the price lays below the intersection, then we can expect the long term resistance curve to bring down the price. However, if it lies above the intersection, we can expect the support line to be dominant and bullish behavior to become prevalent.
As you can see, the price lies above the intersection point which is good news.
Looking At The MACD Curve:
The long term Moving Average rejected the short term moving average once. If it is rejected again, we could potentially see the formation of a newer resistance curve creating bearish behavior. However, I believe that the short term moving average will break through as displayed in the circled area. This assumption comes from the 1 day chart rather than the 4 hour chart. The short term moving average broke through at the start of the new support curve, and shows no signs of slowing down. In fact, it appears as though the two curves have just begun their divergence.
This evidence leans me towards a bullish future for ETH as well as most other cryptos.
LONG
As you can see, the price lies above the intersection point which is good news.
Looking At The MACD Curve:
The long term Moving Average rejected the short term moving average once. If it is rejected again, we could potentially see the formation of a newer resistance curve creating bearish behavior. However, I believe that the short term moving average will break through as displayed in the circled area. This assumption comes from the 1 day chart rather than the 4 hour chart. The short term moving average broke through at the start of the new support curve, and shows no signs of slowing down. In fact, it appears as though the two curves have just begun their divergence.
This evidence leans me towards a bullish future for ETH as well as most other cryptos.
LONG
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.