ETH- Can the Ethereum hardfork push the price to complete a cup?
Updated
Ethereum has made an unorthodox double top formation. For a rally up, we'll need to breakthrough the ceiling created by the two tops that I've circled. If we break through that level, there's a high probability that the price will move up to create a cup in an Elliott wave formation.
The price may move down initially and bounce at the 1st level breakout zone/support to create a triple top. If the price falls through, there's a high chance that we'll be testing the 2nd level breakout/support.
A major upcoming event is the hardfork scheduled for January 14th.
Will the hardfork be enough to push the price above the double top ceiling and create a cup?
Once the chart completes a cup shape we'll need to wait for a solid handle formation, a slight regression, then once it breaks above the cup again, we can bet that there will be great opportunities for profit.
We'll need to keep a close eye on the market.
Leave a like and share your opinion on the comment!
The price may move down initially and bounce at the 1st level breakout zone/support to create a triple top. If the price falls through, there's a high chance that we'll be testing the 2nd level breakout/support.
A major upcoming event is the hardfork scheduled for January 14th.
Will the hardfork be enough to push the price above the double top ceiling and create a cup?
Once the chart completes a cup shape we'll need to wait for a solid handle formation, a slight regression, then once it breaks above the cup again, we can bet that there will be great opportunities for profit.
We'll need to keep a close eye on the market.
Leave a like and share your opinion on the comment!
Trade active
LongEthereum broke past the ceiling and currently sitting above $164. Now's a good entry point. We can expect a slight move down to maybe around $150 initially, but a move up to $190-200 in an Elliott form is highly probable!
Note
I'll give a more detailed update with a chart when I have more time.Note
Sorry I was meant to say $180 instead of $190-200. $180 is a neckline and if we break through that, we can move up to $190-200 to get closer to finishing the cup.
So $180 is the first long target.
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.