ETHUSDT Repeating the 2019 Bull Cycle. Can it hit 2000 next?
Ethereum made a double breakout last week as not only it crossed above the 1D MA100 but more important broke after 350 days above the November 2021 Resistance (in the form of Lower Highs). It is easy to realize that this is a major bullish breakout and right now the price is fractionally below the 1D MA200, which was last hit on April 6.
The breakout alone isn't the only bullish pattern on ETHUSDT. As you see, it is the mere similarity with the 2019 Cycle bottom that stands out as well. Both trading inside a Channel Up as well as having a similar RSI pattern. In our opinion a moderate trend projection until the end of the year would be Higher Highs and Higher Lows inside the Channel Up until the eventual Bull Cycle rally. The next Higher High can easily hit and break above the 2000 level within November.
The breakout alone isn't the only bullish pattern on ETHUSDT. As you see, it is the mere similarity with the 2019 Cycle bottom that stands out as well. Both trading inside a Channel Up as well as having a similar RSI pattern. In our opinion a moderate trend projection until the end of the year would be Higher Highs and Higher Lows inside the Channel Up until the eventual Bull Cycle rally. The next Higher High can easily hit and break above the 2000 level within November.
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