Here we see ETH has formed a rising wedge pattern with a pretty clear ABCDE Pattern to potentially confirm it. From here we should see the correction where it will look to retest the breakdown of the rising wedge, which would confirm the pattern where it will then look to find support near the 200 MA.
If the 200 MA fails to hold as support it will then go to test 2k where there is much stronger support. Once either of these levels is touched ETH will be looking to continue its run alongside BTC. It is very important to pay attention to how ETH reacts to these levels as it will be an indicator of how strong this run really is going forward.
Support $2,180 & $2000
This pattern is also present in BTC as well
Thank you for checking out the analysis, I hope you found it insightful! Comments are more than welcome;
If the 200 MA fails to hold as support it will then go to test 2k where there is much stronger support. Once either of these levels is touched ETH will be looking to continue its run alongside BTC. It is very important to pay attention to how ETH reacts to these levels as it will be an indicator of how strong this run really is going forward.
Support $2,180 & $2000
This pattern is also present in BTC as well
Thank you for checking out the analysis, I hope you found it insightful! Comments are more than welcome;
Note
It seems this pattern has been invalidated and both ETH and BTC have formed a parallel channel. Seems like it is setting up for one last pump to really trap the bulls.
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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.