Hello dear traders,
I have made another update for Ethereum ETH and we it here on the 1 hour chart.
Ethereum has formed 2 patterns with both different higher targets.
A Bullish rising wedge with a target of 2984 USD and a reverse head shoulder formation with a target of 2711 USD.
ETH is also forming higher highs and higher lows so the short term trend is clearly up.
I like to trade what I see and not what I think. Hence these targets and the how and why. I like analysis plain and simple.
The longer term view of Ethereum depends on Bitcoin as it remains the undisputed leader but Ethereum is the closest to it.
We could see that in the declines yesterday. BTC and ETH still held up reasonably well while most of the ALTS showed more losses. Of course, when the market is rising, these can also rise faster again but the risk is alos more.
Support and resistance you can see in the chart.
Soon I will post also an analysis of Bitcoin.
Guy's, please share your comments so we can look at this situation from all sides!
Disclaimer Traders this is my view no advice to buy or sell. Also always do your own research!
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