[ETHUSD] Where does ETH go from here? More Upside...?
Updated
The dotted Red Line extends from 1/28 high through the 2/17 high. The recent rally stopped right at this line. ETH seems to be following with my BTC prediction (as of now) for a localized Adam&Eve reversal at the recent lows. You can check that BTC chart out on my profile if you're interested.
Now ETH seems to be forming a triangle which appears to mean continuation. However, with the RSI on the 4-hour char at such a high level, could be a risky prediction to bet on. Right now ETH looks like it's attempting to breakout above the triangle, so we'll see soon enough.
Any rally that comes now would have to be short lived, relatively speaking. The purple 200-Day moving average and yellow 50-day moving average are both near the solid red resistance lines around the $580-$620 range. This area could prove to be a strong point of resistance, if ETH ever gets that high.
But first it'll have to surpass the dotted red resistance line, which we haven't seen since ETH started it's huge downtrend in the beginning of March.
Here's a closer look, as of now seems to be supportive but this is on a really small timescale so doesn't really mean a whole lot.
Now ETH seems to be forming a triangle which appears to mean continuation. However, with the RSI on the 4-hour char at such a high level, could be a risky prediction to bet on. Right now ETH looks like it's attempting to breakout above the triangle, so we'll see soon enough.
Any rally that comes now would have to be short lived, relatively speaking. The purple 200-Day moving average and yellow 50-day moving average are both near the solid red resistance lines around the $580-$620 range. This area could prove to be a strong point of resistance, if ETH ever gets that high.
But first it'll have to surpass the dotted red resistance line, which we haven't seen since ETH started it's huge downtrend in the beginning of March.
Here's a closer look, as of now seems to be supportive but this is on a really small timescale so doesn't really mean a whole lot.
Note
Update: had a breakout AND went above the long term downtrend channel (dotted red line). Only a relatively small jump at this point, just as I had expected. Looks like ETH is going in for a retest of that resistance line, If it holds support then that would be a really bullish sign.Be careful though, it could be a false breakout. Just look at the last time ETH went above my dotted red line. It didn't hold support and we fell from a great height.
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