EthereumUpdated ETHUSD bull or rising wedge?
In my last post quite a while ago, I suggested that we had a bullish bat w/ target 1 $980 & target 2 $1600 (I think around that mark). We never got over the resistance @ 1k.
For a month, ETH crashed harder than BTC. Since the weekend, things have changed a bit. We're seeing that the BTC dump isn't organic, and some quality alts are rising slowly.
In this context, we can also see that ETH is forming is rising wedge (see chart). This could lead to a fall:
1. If bitcoin recovers & rallies, ETH would fall slightly
2. If bitcoin crashes deeper, ETH would be implicated as well
Only if ETHUSD breaks above $870 can we be comfortable about its relative independence from BTC performance (& that's if BTC doesn't crash --- it can rally in this case, IMHO).
For a month, ETH crashed harder than BTC. Since the weekend, things have changed a bit. We're seeing that the BTC dump isn't organic, and some quality alts are rising slowly.
In this context, we can also see that ETH is forming is rising wedge (see chart). This could lead to a fall:
1. If bitcoin recovers & rallies, ETH would fall slightly
2. If bitcoin crashes deeper, ETH would be implicated as well
Only if ETHUSD breaks above $870 can we be comfortable about its relative independence from BTC performance (& that's if BTC doesn't crash --- it can rally in this case, IMHO).
Note
one little more push & we'll be bull again
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.