Just how high can ETH go? That question, answered.
Updated
Welcome everyone to this analysis on Eth/USD. During a bull move like this it begs the question... how high are we going to go on ethusd? and where should our main target be?
We'll examine the weekly chart since this is more of a macro view. We could move up rather quickly similar to last April of 2018, so I want to zoom out and get some perspective.
Lets first start by looking at MACD. We have a steady MACD that is picking up steam. This indicates strength that we are just starting to really move towards the upside.
Next is RSI. We are still quite a ways from being in oversold territory. This is another strong indication will get a push further to the upside.
Now that we have confirmation of strength from those 2 main indicators we can look towards the next resistance points. The first we are breaking through as I right this. The 220-240 area. Once we break that we have 300. However, 300 is relatively minor. It didn't prove to be much of support at all on the way down. I would expect that will stall there a little, but ultimately blow through it rather quickly. Which leads us to our ultimate target of the 450 area, maybe 500. This is an over lapping fib point, resistance point and if we gauge last April's move, while certainly different percentage wise, they can be very similar in magnitude.
Lastly, ETH/BTC. Really low right now. BTC is very high. Makes sense for people to start shifting over to ETH as we already are seeing. This will continue to drive ETH further to the upside.
Happy Trading and hodling,
-Sherem
We'll examine the weekly chart since this is more of a macro view. We could move up rather quickly similar to last April of 2018, so I want to zoom out and get some perspective.
Lets first start by looking at MACD. We have a steady MACD that is picking up steam. This indicates strength that we are just starting to really move towards the upside.
Next is RSI. We are still quite a ways from being in oversold territory. This is another strong indication will get a push further to the upside.
Now that we have confirmation of strength from those 2 main indicators we can look towards the next resistance points. The first we are breaking through as I right this. The 220-240 area. Once we break that we have 300. However, 300 is relatively minor. It didn't prove to be much of support at all on the way down. I would expect that will stall there a little, but ultimately blow through it rather quickly. Which leads us to our ultimate target of the 450 area, maybe 500. This is an over lapping fib point, resistance point and if we gauge last April's move, while certainly different percentage wise, they can be very similar in magnitude.
Lastly, ETH/BTC. Really low right now. BTC is very high. Makes sense for people to start shifting over to ETH as we already are seeing. This will continue to drive ETH further to the upside.
Happy Trading and hodling,
-Sherem
Note
Smash that like button, please. And previous analysis:
Note
Remember this idea is derived from a weekly chart. Keep the long term in mind if you are playing the bounces. Don't sweat it if you didn't get out at 275 and now it's 240. We have moved almost $100 in just 2 weeks. Things still look really good for a move up. Especially if this area holds as it appears to be doing. Personally, I am holding through on this ETH, where my BTC got stopped out and I re-entered.Note
If we zoom in on this 4 hour chart we can see this flag forming. We are close to busting up. Note
an update: 
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update: 
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revised how high can eth go update: 
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