🔥 Ethereum Massive Break Out: Update
A couple of days ago I made an analysis on the state of Ethereum. In this analysis I discussed the break out of the bearish triangle pattern and the expected moves in the near future.
Like I mentioned in my previous analysis, the fact that ETH did fall back to the top of the triangle's resistance was a very bullish sign. After the initial sell-off, ETH went straight up towards 2400. After a minor correction from there, we can now confidently say that ETH has broken through the massively important 2400 resistance level.
In the short term, 1-2 days, I'm expecting either a minor correction for the crypto market or some consolidation. Wouldn't be surprised if ETH will trade around 2400 for a couple of days.
However, I'm still very bullish on crypto in the longer term. Like I mentioned in other analyses, I think we're currently facing a mid-term correction and I'm betting on the bull-cycle to resume in the near future.
So, for the coming week or so, the main area of resistance will be the green area of resistance around 3000. I'm expecting ETH to reach this area within the next two weeks, unless something unexpected happens.
Things are looking quite good for crypto at the moment.
Happy trading!
Like I mentioned in my previous analysis, the fact that ETH did fall back to the top of the triangle's resistance was a very bullish sign. After the initial sell-off, ETH went straight up towards 2400. After a minor correction from there, we can now confidently say that ETH has broken through the massively important 2400 resistance level.
In the short term, 1-2 days, I'm expecting either a minor correction for the crypto market or some consolidation. Wouldn't be surprised if ETH will trade around 2400 for a couple of days.
However, I'm still very bullish on crypto in the longer term. Like I mentioned in other analyses, I think we're currently facing a mid-term correction and I'm betting on the bull-cycle to resume in the near future.
So, for the coming week or so, the main area of resistance will be the green area of resistance around 3000. I'm expecting ETH to reach this area within the next two weeks, unless something unexpected happens.
Things are looking quite good for crypto at the moment.
Happy trading!
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