Ethereum 22% Long
Ethereum has just repeated a previous pattern, opening up the path to a rise of about 22%.
From the above analysis, we can clearly see that over the past three to four months, ethereum has mainly moved between two channels; an inner/secondary channel and a main one.
The first time around, a double bottom on the main channel led to a break above the inner channel, a small correction, and then eventually to a top on the main channel. This pattern has now been reiterated, and with a break above the 0 fib retracement level acting as further consolidation of the pattern, ethereum resumes its pursuit of the $3000 level.
A break below the all-time high of the 15th of April ($2488.07) invalidates the pattern, which is why I recommend placing a stop loss around that level.
Trade safe people!
From the above analysis, we can clearly see that over the past three to four months, ethereum has mainly moved between two channels; an inner/secondary channel and a main one.
The first time around, a double bottom on the main channel led to a break above the inner channel, a small correction, and then eventually to a top on the main channel. This pattern has now been reiterated, and with a break above the 0 fib retracement level acting as further consolidation of the pattern, ethereum resumes its pursuit of the $3000 level.
A break below the all-time high of the 15th of April ($2488.07) invalidates the pattern, which is why I recommend placing a stop loss around that level.
Trade safe people!
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