Ethereum The Ultimate Chart

Updated

Hello Everyone,
This will be my chart to follow until this correction is done. It's a crazy map of resistances and supports, fib retracements and trendlines.

Right now it seems like the volume is not particularly strong, however we are still have more pressure on the downside.

We are resting the current bearish Candle on a support line, and by the looks of it we will Close below it.

Next major support is 350, which is a price i will evaluate as a entry zone, but there even a possibility that it won't hold as well. (Green Box)

What we're exactly looking for here is a high volume bounce of any of the supports in the first place, if that doesn't happen we should be looking for a spot where the price is consolidating e.g moving slowly between a point of a support and resistance point.

My impression of this chart is that we might look at 160-200€ the very bottom.

I will update my prognosis with this chart , and this will be the only chart i use until this correction is over.

Feel free to zoom out or in :) I have set my forecast for the low and high price (end of this cycle and start of the new one).

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First theory currently in action:
Sideway movment inside this channel that i found, this is the 1H chart.

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Looking at the 4H chart we can see that each bearish pin is moving deeper, this is indicating that bears are starting to hack away at the current support and i see another breakdown coming soon.

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Here we can see several rejections falling under the latest sloping trendline.
Each attempt to bounce which has been rejected has contracted and accelerating the downward pressure.

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My theory is theory is that we will reach a price between 340-350 before consoldating. But if we're going for a super crazy retracement and we break down for from 350 i see the most likely scenario a retracement to .236 (around -82% from ATH) and would put us at a price around 210€.

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Never forget they are accumulating too even right now.

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We got a small bounce from the punk trendline but the previous support at 370 is acting like resistance now, even if it’s not very large. Remember that we got rejected at 380 3 times before falling, so I don’t see us going much higher before we make a small dip again, if this happens it would verify my channel theory to a extent.

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Punk trendline* typo. :)

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Ok autocorrect on phone is really annoying sometimes :) PINK. :) :)

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Look closely and u see that it we are forming a pennant, the rejection at 370 this time will likely send us to 360 with a bit of struggle then eventually down to 350.

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This deserves a post on its own lol

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We ended up where i said we would, except we have not seen any buying pressure yet, so i Think we can forget about buyin in this range and try to see if 300 will be an option. Will update chart later today.

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300 has a huge support so it will be Interesting how it will hold up.

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We have started to push towards the target, this chart is pretty much as bearish as it gets. We still see a lot of accumulation and absorption, i think that we will bottom out right around 250-275 looking at the chart and taking a shot at a bottom guess in this very moment.
We have some huge buy walls in the 310-300 on gdax accounting to roughly 5000 ETH. It's possible that the very last push will get us down right below that area before a reversal or consolidation happens.

I will keep on updating my calls whenever i see some interesting development. As you can see my calls thus far has been close to on point.

Please like comment and subscribe if you appreciate my work!

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Gdax 10x aggregation
imgur.com/a/hZ24l

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In progress, here. This closing candle will tell us something important.

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Possible it will reverse inside the flag, highly unlikely though but this candle seems to reverse. Dashed out trendline if we continue this agressive push down.

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What a slaughter

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Perhaps something we could see

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Called this first :)

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Was uncertain how high the flagpole would reach but it topped out at my first resistance. Reevaluating if we break the larger channel (blue line), then we could extend this rally.

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Points of confirmation

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Ascending triangle !

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Pathing

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Thinking about going in early, pretty high risk though.

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1H View

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Interesting view from 30 min

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This is very interesting, we see a repeat with the small dip below the uptrend.
I'm cautious here... volume is declining right now. Fakeout?

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Looks like we will have a green candle closing inside the triangle on the larger time frames

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The chart is in 30 min view, it's still intact on larger timeframes so. It's likely to break to the upside than down still.

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But a look at 4H shows it's not a easy struggle.

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looks bad for ethereum right now :(

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New pathing
Rinse and repeat. We will get there eventually.

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This bounce right now does not make any sense, we are still getting rejected by the trendline with red dots....I would be very surprised if we broke through here.

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Looks like ETH will be dirt cheap soon

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Looking at 1 day timeframe it looks like a stall to me before a big drop:

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Looks like ETH is mustering for some strength ! I don't belive it will happen until i see it though!

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Some more waypoints for my followers :)
Green circled area means that we wait for a confirmation at each point
You can see that we are falling inside a wedge, Bitcoin has done pretty OK and got a solid green candle which it's building on now.... Let's see if ETH follows soon.

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Peak-a-boo

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Crucial ;)

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Cleaned up.

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Basically we need to push through or we will make a drop here soon :)

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Break outside of resistance ! A bit left to reach the potential and additional resistance levels.

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Still work that needs to be done.

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Some fractals, care for fakeouts and wait for a solid confirmation

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Possible shift or another drop?

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We broke outside the large channel i will be looking to add to my long position very soon !

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Symmetrical triangle kinda

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Could also be a descending triangle

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Depending on where we draw the lines we could interpret this that we already have a breakout since we moved outside the larger channel but not really a convincing one

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See here

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Reasons I’m not convinced is because even if though we have overpowered the bears right now the bullish volume is still relatively low. But at the same time we have absorbed a ton of ETH supply in pur supports, so the selling volume is also declining.

A break above 337 would definitly make me feel more bullish. But i am now slowly starting to add to my stack. Setting my stop to 305.

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Remember that my channel was only the most recent downtrend channel, here is a look at the larger downtrend lines beside it.

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See larger perspective why I'm still bit sceptical

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Zoomed in

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So regarding my post above,
In the large timeframe i still see this bearish flag as the dominant pattern, this is why i urge caution right now. However looking at the smaller timeframe, we have just formed a bullish flag and we can see that the pattern is formed inside a ascending triangle inside the bearish flag, a rejection at 338 will cause severe damage and we could be hitting the support level of 300 again very soon. The first stop would be 260 where we have a trendline support originating from the previous low of 450 before we got the large upswing ("dead cat bounce").

However, a break above 338 and we could be looking for further gains, but that does not mean that the trend is over! right now we have made *some* progress by actually moving outside of the very narrow bearish channel we've been in.

This is a sign of that the most selling volume has been absorbed and we are perhaps starting to move towards a more of a consolidation period.

But first, let's wait and see where we can break from here. I'm very confident that we will at least try the resistance of 338 very soon!

Where we go from there is a question that still remains....

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Flag potential fully reached, broke through 338 resistance.
What now?? Lets see, probability of this rally extending is high right now.

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Momentum slowed down and we have dropped a bit, patiently waiting for further clear indications. As I said if 338 gets rejected we could be looking at more downside, we managed to climb slightly above it but got a mediocre dip. We should see more action in any direction before going for any more conclusions at this point. Another break above 338 will most certainly give a push to try the next resistance!

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As expected the low volume climb got dumped with high volume.. i have some ideas what will happen, will update later today

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Small bear flag taking shape, looks like we will break down to the stronger support again

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Cmon guys where are the likes.
25 likes and i will post my trades as well. Just browse through my comments and see how many calls i've made correctly! Unmatched in this pair!

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I mentioned 260 earlier, it's looking more likely as an outcome right now short term, reasoning behind this is still the big bear flag +the trend, and the fact that the rally only got us slightly above 341+ this is what i mean with fake out. I always try to take advantage of these rallys as I'm unable to short the market (dangerous stuff anyway). I set limit orders with a offset for my targets.
For example my position got sold at 334, when the flag target was 338. I take minimum risk. This tactic has been working out for me, i will share those ideas if i see more people actually engaging in my posts. :)

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Just a side note i really hate being bearish on ETH, But at the same time i'm glad because we're still early in the game. We should be thankful. ETH is certainly not going to 0 but we could for sure ens up with ETH well below 250 and we need to prepare for that. We are on a mission to catch the dip and buy when we have reached dispair!

This chart is a journey and I'm happy to help you guys out as much as i can. Feel free to comment and discuss.

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Most likely outcome right now

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Whats gonna happen?
We will reach one point in price when we will see a incredible short squeeze to push out many many bears from the market, this will turn people bullish and the next hype will begin, u can't begin to imagine how many people are waiting to catch the dip, so it will go SUPER fast, my guess is that we will plow through resistances like butter next run, this will be the spark that will ignite the next rally. My guess is that it's somewhere between 160-230€, we are not going to catch a bottom but try to identify possible price points where this could happen. This bear flag we're in right now has a really huge downside target but it can get stopped with the volume bounce I'm talking about. So let's take one step at a time towards finding that middle road to get the best possible entry without missing the train.

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Don't let short timeframes blind you

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The question now is; are we consolidating or stalling a big drop?

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Just took a look in the order book on gdax. We got some big orders waiting to get filled. The discrepancy between sell and buy book is quite large in the favor for the buying side. Considered that we have dipped to the 300+- range three times already I’m starting to get neutral rather than bearish. The thing is that i’m a bit paranoid that this consolidation is a trap, and that a large dump is on the horizon, but we have not moved in such tight range as lately in the recent weeks, And we have not yet gone below 290. So I’m getting very close to open a long position soon but another test and a clear rejection of 300-290 range would make me feel more comfotable doing so. Waiting on the sidelines a bit more to see where we’re heading.

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I just get a bearish feeling when looking at this but let's see if we get any surprises.
Still tryna look at this neutrally but can't really motivate entering yet.
A Close on 1-4h above 338 would change my mind

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Another look at this chart made me see the potential of a inverse HS. Kinda deformed but could definitly be legit. Target should be well above the current resistance. I’ll return to this topic later today.

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Ooh, we are forming a much clearer smaller inverse HS pattern om the smaller timeframe as well, with the neckline at 313€. So we have 2 bullish patterns emerging here!

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Could this be it ??

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I'd say im 70% certain we will see a rise soon, probably a re test of 338 at the minimum. Worst case scenario it's a bull trap and we are gonna fall with the bear flag (Still dominant pattern).

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We can look at this way: if we reach 313 again we would have completed the small inverse HS pattern, and we could alone on that pattern trade it, as for the larger HS a touch on the neckline would confirm it as well and we could extend our trade from 313. Ideally you want to want to wait for a confirmation on the pattern, unless you like to gamble :)

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313 smaller inverse hs is completed!
I am going long with a small position here :)
Probably adding to my long if we close above 338 as well, otherwise I'm pressing my liquidate button if i see weakness developing.

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We are breaking down from 313, but the pattern (smaller inverse HS) remains valid until we drop below 300, which i see as more unlikely than a rise right now. I actually placed my orderat 311 after we reached 313 - which obviously got filled so... No worries yet! I set my stop to 299. We have a lot of support until we hit that level.

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Posting my trade here:

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Sorry no prices visible on last post - updated it here.
Also, i am only going for TP3 if we close above 338 on a timeframe of minimum 2 hours (i will also add my profits from TP1 on that long).
I will take of half my position off the table at TP1 - it's a small trade cause market condition is still uncertain.

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Even though I'm short term bullish here we have to consider this pattern as well - IDK but could be a bear flag or inverse HS... Seems like the market can't decide either yet :) Blaah, thats why we trade with small positions now anyway

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The small inverse pattern: left shoulder = 302, head is at 300 so we have room left before we can invalidate it anyway. As for the large inverse HS we have room to 292 before we can invalidate it.

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So the smaller HS is pretty much invalidated here imo. The larger one still has some headroom before we can discard that idea. As i’ve mentioned I’m still short term bullish here and I’m still expecting a Rise rather than a drop but we might get some more pressure before that happens. I still respect the large bear flag at play here and Its the dominant pattern accompanied with the current trend so I would not be very surprised that the rise I’m expecting won’t happen. The battle of 300 is probably going to happen before we see any rally again , usual shakeout.

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Looks like it's about to crack down

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Very mixed signals as most of u guys know, but I still have some hopes on this wedge if the inverse H&S doesn't work out.

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I put that small flag under a microscope, actually looks like a wedge on the smaller timeframe, so that rise i was talking about could be starting here :-)

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Ok guys... We have protected 300€ for some time now, Of course ethereum could crash even more but i rather have this is an entry point rather than wait for a crash that may or may not happen.

Weighing in the previous price of ethereum and average price, devs, enterprises etc. and it's current progress and goals - the fundamentals -, this is what I'm buying it for. The price has already proven itself enough. Sure, we might never see ATH for quite some time, I'll take a loss for ethereum if thats that.

Entering long @302.01 50% position in 12 hours, the rest of the position will be bought depending on market conditions, within 24 hours.

I'm setting my stop loss to 150€ I have gained more ETH than I had before.
Let's see where we go :D

I Bet we're gonna crash just because i go long now :( (LETS HOPE NOT)

Why?

7,955 ETH
24 hour volume

Whalin fools !

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Trade active

Loaded 50% of my position of ETH for the long term.

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Full position long here now ! Let's hope i didn't pull the trigger way to early :)
Hoping for the green scenario here

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So interesting stuff is happening here now,
Volume is decreasing but we are picking up in price slowly.
Next major resistance is 340-342, if we breach that level it's likely that we will have a surge up in price very fast.
Stay tuned !

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ETH/BTC ratio is picking up a rally as well :-) Lookin like we at least will have a small rally a head of us both in fiat and btc ratio

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BOOM big volume purchase pushed us right up 348. Feeling amazing with my call now :)

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I Think we will be in the range of 340-370 in 3 Days.

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Also, a drop below 315 now would put us in a bad spot !
A break above 326 is the target right now.

Weakness indication is a drop below 310-315.

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Larger timeframe... I could be really wrong here !
Thinking about closing my long prematurely...

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There is no perspective in this market

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Didn’t back off my long, yet.

Good descision in hindsight as we are recovering slowly, but betting against the trend is really stupid, but my gut says upside breakout still more likely. Idk really to much mixed signals. Might go down with the boat :D

Hero or Jester?? I say in 24 hours we will know! TP At 347.

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The missing key is the press on the long button from the big money. Everyone is waiting for the big BTC short down to 4-2k, i just have the feeling that the market will move against the herd this time as well :)

Good luck shorting or in my case longing (for a bit at least)...

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They called the crash when i called the recovery, no that wasnt MPC right? :P

Dont quote me on this

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Cup and Handle.

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BTC/USD Shorts have started to go parabolic, i think a short squeeze is inbound, but will we see another low before it happens?

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Who will get pwned here?

Trade closed: target reached

ethhunter

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