#Ethereum ready to follow Bitcoin
Key levels
Short term
Supports—> S1: 190 & S2: 155
Resistances—> R1: 235 & R2: 275
Medium/Long term
Supports—> S3: 145 & S4: 125
Resistances—> R3: 315 & R4: 350
Potential scenario
Ethereum seems to have completed its retracement after the bull run we had during June. It bottomed at $190, therefore performing a pull-back of 47% after it reached $360 on June 26th. Yesterday, Bitcoin increased by 6% and went above $10,200. This bullish momentum can make Ethereum break R1, the resistance at $235 that has been containing the price for 17 days.
TA comment
Volatility and momentum indicators can help us to pinpoint the moment when Ethereum can break R1. By using the Cryptohopper ATR (coming soon to the platform) and the DMI, we can get buy points where the volatility and momentum of the price increase. In this way, we could automate long positions when the volatility increases above a specific percentage and the DMI gives a buy signal.
Pattern
During the latest increases in the Ethereum price, it has been possible to spot the pattern Three-Line Strike Bearish. It is a continuation pattern represented by 4 candles. Starting with three decreasing candles with a short body, the fourth one engulfs the three previous candles totally. Therefore, suggesting that the price is very likely to continue its current trend.
Short term
Supports—> S1: 190 & S2: 155
Resistances—> R1: 235 & R2: 275
Medium/Long term
Supports—> S3: 145 & S4: 125
Resistances—> R3: 315 & R4: 350
Potential scenario
Ethereum seems to have completed its retracement after the bull run we had during June. It bottomed at $190, therefore performing a pull-back of 47% after it reached $360 on June 26th. Yesterday, Bitcoin increased by 6% and went above $10,200. This bullish momentum can make Ethereum break R1, the resistance at $235 that has been containing the price for 17 days.
TA comment
Volatility and momentum indicators can help us to pinpoint the moment when Ethereum can break R1. By using the Cryptohopper ATR (coming soon to the platform) and the DMI, we can get buy points where the volatility and momentum of the price increase. In this way, we could automate long positions when the volatility increases above a specific percentage and the DMI gives a buy signal.
Pattern
During the latest increases in the Ethereum price, it has been possible to spot the pattern Three-Line Strike Bearish. It is a continuation pattern represented by 4 candles. Starting with three decreasing candles with a short body, the fourth one engulfs the three previous candles totally. Therefore, suggesting that the price is very likely to continue its current trend.
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