[ad_1]
In our previous ETH analysis, we discussed the potential of the inverted head and shoulder formation that is currently being developed in the Bitcoin chart. If this formation is valid, then it will probably also affect the total cryptographic market and Ethereum,
At the time of writing this, the BTC chart is trading around the price level of $ 3800 and could end up building the left shoulder of the mentioned formation.
For this training to take place, we first want to see the price increase of BTC at the neckline at $ 4335 and then break above the resistance level, this can guarantee the next Bitcoin target at $ 5000 and above. However, until the above scenario has taken place, nothing has changed.
The ETH chart reached our target set at the top of the resistance level of $ 146. This level is also the 0.5 Fibonacci retracement of the significant fall that began in November, when ETH broke the triangular formation on the daily chart (about $ 200).
Looking at the 4-hour ETH-USD chart (Bitstamp)
- In the last 24 hours, ETH has reached our target given to the resistance level of $ 146 and has continued to rise up to $ 156 where it met resistance. From there, a downward descent to retry $ 146, now as a support
- If the ETH rebounded from the resistance turned the support level, then it could try to retest the $ 156 again and even the $ 158 which was the last peak of the rally.
- In the event that these two levels of resistance are violated, the next bullish target awaits the retracement level of 0.618 Fib to $ 169- $ 174.
- On the other hand, the current level of 0.5 Fibers is not an easy task to break and ETH could fall back to the $ 124 – $ 130 support level, where the 55 and the EMAs.
- This scenario is very likely to take place and could be part of a triangular formation that could evolve on the 4-hour chart. This type of consolidation could create new momentum for another stage.
Looking at the 4-hour ETH-BTC chart (Bitstamp)
The ETH is currently trading above the resistance level (shown on the attached table) that has been turned into a support level. However, we can see negative deviations on the RSI indicator that could turn into a bearish signal.
CryptoPotato video channel
More news for you:
By Toju Ometoruwa / 3 Jan. 2019
Of arnon / 3 Jan. 2019
Of Ali Raza / 3 Jan. 2019
Of Yuval Gov / 3 Jan. 2019
Of Benjamin Pirus / 2 January 2019
By Jonathan Goldman / 2 January 2019
Of Ali Raza / 2 January 2019
Of Ali Raza / 2 January 2019
By Yoni Berger / 1 January 2019
By Yoni Berger / 1 January 2019
By Toju Ometoruwa / 1 January 2019
Of Yuval Gov / 1 January 2019
Of Yuval Gov / 31 December 2018
Of Summer Hirst / 31 December 2018
By Jonathan Goldman / 31 December 2018
Of Ali Raza / 31 December 2018
By Toju Ometoruwa / 31 December 2018
Of Yuval Gov / 30 December 2018
Of Yuval Gov / 30 December 2018
By Jonathan Goldman / 29 December 2018
[ad_2]
Source link
