Ethereum Continues To Follow Amazon!
Updated
Just a quick update. As I posted before when ETH was still in the $160 area, one should not necessarily expect a retest of lows, or a longer correction until the $400-500 area is reached. This is based on what happened to AMZN stock after it bottomed out in the wake of the dotcom boom. If ETH followed similar price action, this is what we should expect.
Here is the AMZN chart:
Keep in mind, fractals like this do NOT have to play out. This is just a potential scenario, and I'm keeping track of it. So far, so good. Let's see. A deviation from this fractal would have ETH heading back towards the $160 area and below. We have finally breached the psychologically important $200 zone though, so I wouldn't be surprised at more upside from here. However, this is still a resistance zone, so a pullback is possible as well.
Here is my last ETH analysis:
This is not financial advice. I'm not a professional.
-Victor Cobra
Here is the AMZN chart:
Keep in mind, fractals like this do NOT have to play out. This is just a potential scenario, and I'm keeping track of it. So far, so good. Let's see. A deviation from this fractal would have ETH heading back towards the $160 area and below. We have finally breached the psychologically important $200 zone though, so I wouldn't be surprised at more upside from here. However, this is still a resistance zone, so a pullback is possible as well.
Here is my last ETH analysis:
This is not financial advice. I'm not a professional.
-Victor Cobra
Note
So it looks like we had a bit of a fakeout to the upside. I entered a short term trade yesterday but may close at a small loss, since we were unable to sustain above $190. This also means that this could simply be a rising wedge, and as illustrated on my chart, a breakdown could be pretty powerful as well. Confusing times, to be sure. No one knows what's going to happen, so risk management is important, if you're trading. Note
We've invalidated the rising wedge, and have now broken above both that and the ascending channel. Good long signal, as long as we hold above the channel resistance at $215-216 
Related publications
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.