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Ethanalysis

Ethereum could take a hit against BTCEthereum has been trading perfectly in this descending triangle and we have failed to breakout the top many times and now we could indeed be in for a fall out of the bottom of the triangle, from what it looks like there isn't a lot to worry about and this could be a potential fakeout to the downside, as we have many many supports below us this could be a tactic to get weak hands out of ethereum. We notice on the bollinger bands we are tending to go downwards towards that bottom band which can definitely be a slippery slope as if we do continue to ride the bottom band there is a high chance we will see a drop of some sort, i figure the lowest we could see due to all of the surrounding supports is about 0.05 or the 0.6 FIB level. Taking a look at the pivot points we do have support above the 0.6 FIB level but what im interested in for the longer look is that bullish pivot point, if price action can make it upto this level we will be considered in a bullish reversal which is definitely key but that'll be talked about in a later TA as this levels a little out of reach for now, hope im wrong though lmao! Now something that goes hand and hand with the bearish looking bollinger bands is the bearish looking macd where we just recently had a bearish cross, we are only 2 red bars in to this macd cycle and i doubt we will see a green bar say tomorrow, so we could be looking at a maybe 5 day bearish trend on the MACD but there is always the chance of a reversal, there isn't much separation within the MA's so we are looking pretty okay there but we need to see some bull momentum to bring that blue MA back ontop of the orange or like i said we could see a little downside here. keep in mind there is the chance of a fakeout to the downside where we could exit the bottom of the descending triangle but then shoot back up liquidating short positions and getting weak hands out of the market. Not financial advice just my opinion!
Short
by JacobR905
ETH about to explode!!!Ethereum is looking hella bullish right now we have had a nice run up all the way to our current resistance level at 2324$ (USD) we could see a rejection today but i think we are bound to break through here and continue our run up in the coming days, we have easily regained the 50 day SMA now well above it which will now act as support aswell as the 200 day SMA which is absolutely huge for ETH! Now we are looking at taking back the 100 day SMA which sits a little bit above us right now but once we continue our run i think taking this SMA back is inevitable! We had a beautiful break out of the top of this descending triangle on the 13th try if we count wicks lol, we could have a bit of a cooloff now because of the repeated green candles but i don't think we should worry we have lots and lots of underneath support. Looking at the Bollinger bands just like i said with xrp we are right on that top band and we could definitely see a big run up due to this, either tomorrow or in the coming days im thinking. Realistically this should give us way more than enough momentum to shoot up and blast right through the 100 day SMA turning it into again support. We recently had a very nice bullish cross on the daily MACD and now we are starting to see some nice separation within the bands which is always a positive sign and for sure reduces the chances of us having a soon bearish cross, we want to continue to see the blue MA take off away from the orange MA, also to keep seeing bigger or equal bars on the histogram, looking at it compared to our last bullish cross we realistically have many more green days to come histogram wise and if we see a similar cycle this time around, overall very bullish on Ethereum and altcoins as we are starting to see the reversal back into this bullish cycle! Not financial advice just my opinion!
BITSTAMP:ETHUSDLong
by JacobR905
2
MUST HOLD LEVEL FOR ETHEREUM!Eth has been getting dragged down with the market just like everything else and we are now at a pretty crucial level of support for ETH and if we dont hold this for our daily close there is a good chance we see a fall. We have broken out to the downside of this descending triangle and i have outlined the key pivot points that are in play, green being support, yellow as the pivot point and red as the resistances. We are holding up right on this first green support and we need to hold this level for daily close or the next support we have is the 0.7 FIB level. Now this is a very interesting situation because we are seeing some bearish indicators but to me the RSI is looking like we are due for a reversal, we are just about in the oversold area like a hair away and we could potentially see a fakeout with ETH, a fakeout to the downside of the descending triangle but then could see a recovery back up if this support is held and if our RSI starts to come back up, so this is definitely a hard one to judge on where we are headed, keep in mind if BTC keeps falling our indicators for the time being don't really mean anything. Now the bollinger bands we got to be very careful with as we are starting to ride the bottom band and you guys know what that means... a more than likely fall in price unless we see a recovery and some bull momentum. For sure an important chart to watch for daily close tonight! Not financial advice just my opinion!
BITSTAMP:ETHUSD
by JacobR905
2
ETH potential 9% drop looming!Ethereum against BTC has been pretty strong wee are trending slightly down but more of sideways movement within this descending wedge. i think that we could see a little more downside here until we start heading back up, for a few different reasons the first being if you look at my last BTC TA i think we are on the verge of a pullback in price and that will definitely shake up the market a little bit. looking at the coppock curve which isnt talked about very often is pretty accurate for finding market bottoms and reversals, so we see our wave is currently halfway to the bottom point, this indicator doesn't really ever ake any jagged turns or reversals and it smoothly transitions from bearish to bullish over time, we have a little trend line going for the wave bottoms and i think we are going to catch this support again before then transitioning back upwards. We recently got a bearish cross on the MACD and we notice some further separation in the MA's right off the bat and this shows we are getting further and further away from getting that bullish cross in the next phase, our histogram aswell has just started printing a few red bars and they are slightly getting bigger each time, we want to see these bars start to level off and ultimately start to reduce in size. Looking at the bollinger bands we are in an okay spot nothing to worry about here for now, the only thing is that price action is below the midline and we usually see our candles getting held down and below this level. Not financial advice just my opinion!
Short
by JacobR905
ETH and ALTS about to fall??!Ethereum's still struggling to find a way out of this descending wedge now around the middle again, we are currently getting held up by the midline of the bollinger bands and close below we got the 0.6 FIB level. I'm thinking that we are probably going to see a bit of a fall before we head up, even i would say a fakeout to the downside before taking off! We got lots of support but a lot of resistance aswell here, looking at the MACD we are almost to the point of a bearish cross and a histogram flip to bearish, i see us going down probably out of our wedge to the nearest pivot point before heading back up as shown in my pathway. In this situation i think it is very likely we see a fakeout to the downside to shake more people out before then heading up and ultimately rising through the upside of the wedge. This wedge is very prolonged and i believe traders are getting itchy for taking positions and would be looking to open shorts if we see a break of this very long wedge, this is where i think a very possible fakeout would come to play as it would liquidate many traders. theres lots of resistance when looking at the upside aswell but thatll be for a later update TA! Not financial advice just my opinion!
BITSTAMP:ETHUSDShort
by JacobR905
Ethereum going to breakout!!?Eth is looking like we have reversed after a bounce off of the bottom of this descending wedge, now we just rejected off the top for the 9th time but i think we are gaining some steam and we could get a beautiful bounce off the bollinger band midline to then try and breakout again to the upside. The only worry that we might face if we breakout upwards is we will have to have enough momentum to smash through the 0.5 FIB and close above it or we face falling back into the wedge with a sort of "fakeout" scenario. The RSI is just touching down of the 50. point and im hoping we can see a nice bounce off here to try and get us back into an uptrend, this is very key for this whole analysis as if we don't get that confirmed uptrend on the RSI we could still breakout of the wedge upwards but we most likely wouldn't go that far. The MACD looks great aswell we are seeing nice separation in the MA's slowly pushing upwards, the one thing about the MACD is that we are starting to see a slight curl in the blue MA and we don't want to see it start to come down towards the orange, or atleast hope we get a bounce off the orange. If we don't and we get a bearish cross we would probably take a couple day hit to the downside or even just some sideways movement. Not financial advice just my opinion!
BITSTAMP:ETHUSDLong
by JacobR905