ETHEREUM ( ETH/USD ) Latest Forecast - A Trade Worth Pursuing
Updated
Good day, traders! Please give me a moment to share my humble observation before we begin today's forecast on Ethereum.
It is humorous to see so many bullish technical analysis on TradingView today. If you look back just a few days ago, everyone here was so sure that Bitcoin and Alts would capitulate while I was the only contrarian telling people otherwise. I certainly don't remember seeing any self-proclaimed "best of the best" authors posting any charts or analysis to help either. They just conveniently disappeared and occupied themselves with "other pressing matters" during the hard times. Now that the grass is green again, you see them popping up in the field like lilies after the rain.
The only worth notable traders who consistently post good analysis when the going gets rough are people like TomProTrader, MarcPMarkets and HamadaMark. These are the people who are worth following and not those who mysteriously reappear when the trend is obvious. To my followers who were ridiculed and insulted simply by supporting me, please just ignore the trolls and haters next time. They are not worth your time.
Alright, let's get on with the forecast. As you can see in the 4-hour chart, price is currently resting on the 30-day MA (red line) after breaching the rising wedge bearish pattern. It appears to be slowly moving up to test the 10-day MA (blue line) resistance level. Before we jump into conclusion, let us evaluate the situation from a technical standpoint. MACD looks bearish and RSI is slightly above 50 but could turn bearish any time. Stochastic is close but still not in the oversold region. Given all that, I think the correction may continue until price finds itself in the key support level. If it holds, we may see a bullish continuation with an upside target of $650 - $670. On the other hand, a breach below it would upset the bullish momentum. I think we are looking at a good risk/reward swing trade if you plan on starting one. ;)
That’s all for now. Happy trading!
It is humorous to see so many bullish technical analysis on TradingView today. If you look back just a few days ago, everyone here was so sure that Bitcoin and Alts would capitulate while I was the only contrarian telling people otherwise. I certainly don't remember seeing any self-proclaimed "best of the best" authors posting any charts or analysis to help either. They just conveniently disappeared and occupied themselves with "other pressing matters" during the hard times. Now that the grass is green again, you see them popping up in the field like lilies after the rain.
The only worth notable traders who consistently post good analysis when the going gets rough are people like TomProTrader, MarcPMarkets and HamadaMark. These are the people who are worth following and not those who mysteriously reappear when the trend is obvious. To my followers who were ridiculed and insulted simply by supporting me, please just ignore the trolls and haters next time. They are not worth your time.
Alright, let's get on with the forecast. As you can see in the 4-hour chart, price is currently resting on the 30-day MA (red line) after breaching the rising wedge bearish pattern. It appears to be slowly moving up to test the 10-day MA (blue line) resistance level. Before we jump into conclusion, let us evaluate the situation from a technical standpoint. MACD looks bearish and RSI is slightly above 50 but could turn bearish any time. Stochastic is close but still not in the oversold region. Given all that, I think the correction may continue until price finds itself in the key support level. If it holds, we may see a bullish continuation with an upside target of $650 - $670. On the other hand, a breach below it would upset the bullish momentum. I think we are looking at a good risk/reward swing trade if you plan on starting one. ;)
That’s all for now. Happy trading!
Note
Here is a short update to keep you guys informed. Price has fallen below the 30-day MA (red line) support. With RSI turned bearish and Stochastic reaching for the oversold region again, Ethereum is trending just like we had anticipated. I will check in again tomorrow. Good luck, traders!Note
Bullseye!Note
Good day, traders. Price held up nicely by key support level and has retraced above it with recharged momentum. Time to lock and load.Note
Buckle your seatbelts, guys!Note
Good morning, traders! Seems that our moon trip got delayed but it does not change the fact that Ethereum has a nice upside potential waiting for us. A lot of weak hands are being shaken off during this boring sideways trend but we know that all good things come to those who wait.
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