ETH: Ready To Fly 🚀
Updated
Here's an analysis on ETH/USDT on a Daily Timeframe that demonstrates a downtrend of more than 3 months. As the peaks and troughs were descending, the price structure established a series of Lower Highs (LH) and Lower Lows (LL), but recently the price structure formed a Higher Low (HL), indicating a possible reversal and the breakout of the downtrend.
Moreover, we can clearly observe the formation of a bullish pattern, namely, Inverse Head and Shoulders that can bring the potential changes in the trend driving the price to break the highlighted "Downward Trendline" and further create a bullish momentum to the upside. So if the price manages to do so then we can perhaps watch the price break through the slightly tilted neckline of the pattern ($3223-3329 zone) which can definitely lead to formation of a Higher High (HH).
Furthermore, based on the current market conditions and BTC price development, the above-mentioned scenario has a higher probability of happening.
Here's an overview on BTC chart :-
Nonetheless, if the price fails to hold above the $2700-2600 support zone (right shoulder) or if BTC ends up tumbling down as the global markets are currently under correction due to Russian-Ukraine tension and all the other orchestrated news about the rate hikes and the FEDs meeting, the pattern may get invalidated. Therefore, we might face some unforeseen storms so everyone should take a cautious approach as we proceed to the month of March.
Moreover, we can clearly observe the formation of a bullish pattern, namely, Inverse Head and Shoulders that can bring the potential changes in the trend driving the price to break the highlighted "Downward Trendline" and further create a bullish momentum to the upside. So if the price manages to do so then we can perhaps watch the price break through the slightly tilted neckline of the pattern ($3223-3329 zone) which can definitely lead to formation of a Higher High (HH).
Furthermore, based on the current market conditions and BTC price development, the above-mentioned scenario has a higher probability of happening.
Here's an overview on BTC chart :-
Nonetheless, if the price fails to hold above the $2700-2600 support zone (right shoulder) or if BTC ends up tumbling down as the global markets are currently under correction due to Russian-Ukraine tension and all the other orchestrated news about the rate hikes and the FEDs meeting, the pattern may get invalidated. Therefore, we might face some unforeseen storms so everyone should take a cautious approach as we proceed to the month of March.
Trade closed: stop reached
Price failed to hold above $2700-2600 support zone, pattern invalidated
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