Ethereum - Ascending triangle will bring much higher prices
After the glorious rally from 8 USD up to 420 USD within less than six months Ethereum has been in a consolidation over the last four months.
It looks as though this consolidation is taking the shape of a bullish ascending triangle meaning a breakout above 400 - 420 USD will likely start the next leg up.
If you take the height of the triangle and add it to the potential breakout around 420 USD the next price target for Ethereum sits around 1.300 USD !!!
On the downside Ethereum has to hold above 220 - 240 USD to keep the triangle valid. Another support comes from the 200 EMA in pink. Note how Ethereum bounced off this exponential moving average two times this summer….
So even at todays “elevated“ price levels one could create a promising trade setup for Ethereum with a rational risk/reward-ratio of 1/6.8.
For example "long" at current prices (340 USD) with a stopp at 200 USD and a price target at 1.300 USD. That means a potential gain of 960 USD meets a risk of 140 USD...
I think down the road Ethereum will break out above 400 - 420 USD as the whole cryptocurrency sector will experience a panic buying wave into 2018….
-> Too many people following this exciting sector but are not yet invested..
-> They see their money/investments losing purchasing power against cryptos..
It looks as though this consolidation is taking the shape of a bullish ascending triangle meaning a breakout above 400 - 420 USD will likely start the next leg up.
If you take the height of the triangle and add it to the potential breakout around 420 USD the next price target for Ethereum sits around 1.300 USD !!!
On the downside Ethereum has to hold above 220 - 240 USD to keep the triangle valid. Another support comes from the 200 EMA in pink. Note how Ethereum bounced off this exponential moving average two times this summer….
So even at todays “elevated“ price levels one could create a promising trade setup for Ethereum with a rational risk/reward-ratio of 1/6.8.
For example "long" at current prices (340 USD) with a stopp at 200 USD and a price target at 1.300 USD. That means a potential gain of 960 USD meets a risk of 140 USD...
I think down the road Ethereum will break out above 400 - 420 USD as the whole cryptocurrency sector will experience a panic buying wave into 2018….
-> Too many people following this exciting sector but are not yet invested..
-> They see their money/investments losing purchasing power against cryptos..
