Ethereum (ETHUSD): Trend Change Criteria And Key Levels

19 Jul 2017

It's been a long time since I posted ETH ideas. The last one was quite successful as it called to open short position just below $287 level:

Now we see that the correction took form of a Flat pattern (3-3-5). It doesn't look impulsive, so there is no immediate threat to the main trend, which remains uptrend. On this chart I apply modified Schiff pitchfork as most accurate price channel. We need to see the break of its boundaries to change the short-term trend to uptrend. Until then, it remains neutral. Taking into account the sharp rise of the last 3 days (89% from low to high), I expect a pullback to levels drawn on the chart. That would be natural.

Also keep track of my BTCUSD idea, as the two currencies now have 93% correlation:

21 Jul 2017

Nota

Unlike BTC, ETH has been stuck within its range. No breakout from the pitchfork channel just yet.