This week has been a bit tumultuous for the world of crypto as BTCUSD made another dip downwards. However, it seems to have found support and turned upwards. I think it will approach resistance around $12,000, and if it breaks through, will likely head towards $15,000. This is significant because it would give traders confidence to move back into other coins, at least in the short-term.
Throughout all of this, ETHUSD has fared well. Moving forward I would keep an eye on BTC. If you have not already, now may be a good time to look towards ETHUSD, as it is currently sitting on a strong support at $1,000.
I would set stop losses below $900 and limit sells for $1250, $1350 and $1,425.
I still believe the market has more to correct, but it is not uncommon for prices to rebound a significant amount before falling further. We can capitalize on this. In this chart I see ETHUSD making its way towards the 0.786 Fibonacci resistance at $1,283. This lines up somewhat with the pitchfork fib lines as well. I am also seeing a pattern known as an Adam and Eve double bottom reversal, which gives a price target around $1,430, however I doubt we will go this high, but we could retrace 100% and form a double top. From there I still believe we could see prices as low as $551.
*THIS IS NOT TRADING ADVICE*
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Looking good. Need to break through this 0.618 fib resistance to reach our target.
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Failed to break 0.618 resistance, however we have yet to form a lower low. This may still play out.
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Bullish target fell short, bearish target reached. Mixed success is still success?
Thanks for the analysis, but this seems extremely unlikely.
This is not a shit coin, this is Ethereum, Why would anybody sell a coin like ETH in such large quantities is beyond me and why would anybody not buy it if it falls below 900?
So i think its extremely unlikely for ETH to drop so low. In fact we may see the next bull run soon.
Manifested
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@Amit26, You may be right. I think in a vacuum, ETH looks strong right now. However, I am watching the market as a whole, and namely bitcoin. Nothing drags ETH down faster than a Bitcoin crash, and panic grips the market right now. They are very intertwined, both in market-space as well as being linked in trading pairs. When people fear for liquidity they sell everything. There is fear in the market right now. Ethereum is not a shitcoin, but it is also not a finished product and if you think it's current $102 billion valuation is not largely speculative, then you are kidding yourself. Speculative prices fluctuate just as fast as sentiment does. Just take this into account.
brenguyrulez
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I don't agree with this
Manifested
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@brenguyrulez, I wish there was a downvote option on TradingView. The like to dislike ratio would give a more honest opinion.
brenguyrulez
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@Manifested, Yeah that would actually be a lot better. But it looks like you were right and I was wrong! I stand corrected.
Manifested, you agreed but deleting - low faith in coin, or u wanted to pick more down...idk
by the way NEO gonna be veery bullish this year also..nice competition..I d k yet which one could cost more yet
Manifested
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@tutanhamon888, You're certainly entitled to your opinion. I just like throwing stuff out there to keep track of it myself, and if it helps some folks from time to time that's just icing on the cake. I welcome conflicting ideas. This is a swing trade, I am not long-term bearish on ETH, let that be known.
This is not a shit coin, this is Ethereum, Why would anybody sell a coin like ETH in such large quantities is beyond me and why would anybody not buy it if it falls below 900?
So i think its extremely unlikely for ETH to drop so low. In fact we may see the next bull run soon.