ETHEREUM Weekly Forecast
The weekly chart:
So as Bitcoin, Ethereum' shows us on the weekly chart same bullish candlestick pattern called "Inverted Hammer". In the last week, Ethereum' got rejected from $240 and it falls back into the triangle. The triangle has formed from September and after the breakout from either direction, it is easier to say where the price want's to go.
Currently, it has found a support from the round number at $200, from the brown trendline which is pulled from March and from the triangle bottom trendline crossing area (together a very strong support)
The daily chart
On the daily chart You can see that Ethereum' still makes the lower highs but in the bigger picture, we manage to hold that higher low which is made October 11. Those lower highs and higher lows allows to draw the trendlines (upper and bottom) which together makes the Triangle. In last week we got rejected from the triangle upper trendline and from the two strong resistances (blue lines at $224 and $236). Soon we will see a bigger movement because we are approaching the triangle tip, where the price is 'smashed' together and it is ready to make a big move but which direction, let's find out those confirmations from the four-hour chart.
The four-hour chart (the major image)
Bullish scenario:
1. To be bullish we have to get support from the market and from the bullish Bitcoin'. Bitcoin' has to make a breakout from the $6,767 then we can say also that Ethereum' has an opportunity to make a breakout from the triangle (upwards), so, the first bigger bullish signs is the four-hour candle close above the triangle upper trendline.
2. The second confirmation comes from the EMA 200. If the price reaches into the triangle trendline then the 200 EMA will match exactly with this and they make together a strong resistance area.
So, a close above the trendline and the 200 EMA should guide us to the higher levels and the first targets would be the higher resistance at $236 and the August low - round number - at $250.
Bearish scenario:
1. A close below the round number $200
2. A close below the triangle bottom trendline which is currently also the major counter-trendline
3. A close below the brown trendline which is pulled from March.
As we've said it before, those criteria make a very strong price level which is hard to beat but if You see a candle close below the red line then stay away from the Ethereum', because of after that it probably approaching the 2018 low level at $167!
If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
So as Bitcoin, Ethereum' shows us on the weekly chart same bullish candlestick pattern called "Inverted Hammer". In the last week, Ethereum' got rejected from $240 and it falls back into the triangle. The triangle has formed from September and after the breakout from either direction, it is easier to say where the price want's to go.
Currently, it has found a support from the round number at $200, from the brown trendline which is pulled from March and from the triangle bottom trendline crossing area (together a very strong support)
The daily chart
On the daily chart You can see that Ethereum' still makes the lower highs but in the bigger picture, we manage to hold that higher low which is made October 11. Those lower highs and higher lows allows to draw the trendlines (upper and bottom) which together makes the Triangle. In last week we got rejected from the triangle upper trendline and from the two strong resistances (blue lines at $224 and $236). Soon we will see a bigger movement because we are approaching the triangle tip, where the price is 'smashed' together and it is ready to make a big move but which direction, let's find out those confirmations from the four-hour chart.
The four-hour chart (the major image)
Bullish scenario:
1. To be bullish we have to get support from the market and from the bullish Bitcoin'. Bitcoin' has to make a breakout from the $6,767 then we can say also that Ethereum' has an opportunity to make a breakout from the triangle (upwards), so, the first bigger bullish signs is the four-hour candle close above the triangle upper trendline.
2. The second confirmation comes from the EMA 200. If the price reaches into the triangle trendline then the 200 EMA will match exactly with this and they make together a strong resistance area.
So, a close above the trendline and the 200 EMA should guide us to the higher levels and the first targets would be the higher resistance at $236 and the August low - round number - at $250.
Bearish scenario:
1. A close below the round number $200
2. A close below the triangle bottom trendline which is currently also the major counter-trendline
3. A close below the brown trendline which is pulled from March.
As we've said it before, those criteria make a very strong price level which is hard to beat but if You see a candle close below the red line then stay away from the Ethereum', because of after that it probably approaching the 2018 low level at $167!
If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
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