Topic: Two Possible Scenarios for ETHUSD, Following Bitcoin Rise (Read 80 times)
Yes, I am so happy that other altcoins are now being affected by the bull run in the price of bitcoin, this is to say that bitcoin still controls the market and all other coins always follow it's trend, once the price of bitcoin begins to increase, other coins follow suit, also vice versa, this is why bitcoin will still remain the king. I am just happy that the price of eth is going up again though I expected more than what it is currently in price, but I will keep watching it to see what height it gets to before the end of the fourth quarter.
https://cdn-images-1.medium.com/max/1200/1*OnDFrfTL2qdMbxmgEPptqQ.png
Chart from Sigma by Hydra X
ETHUSD broke and closed convincingly clear of the $175-180 resistance zone on 11 May. Price action is currently capped by the upper bounds of an ascending channel, and more importantly, a cluster of sellers at the psychological $200 level. $200 is a key level for the pair. Should ETHUSD succeed in breaking and holding above, this would form a bullish case.
https://cdn-images-1.medium.com/max/1200/1*gFIXMBiZUkub9g7Z7xtIcg.png
We are currently monitoring two alternative scenarios:
(1) a bullish breakout of a long-term ascending triangle, which a close above $200 would validate.
https://cdn-images-1.medium.com/max/1200/1*qE7zuNvhvrp2tH4CSl9rmg.png
Of note also is that after tracking BTC prices closely for most of the past six months, ETHUSD is lagging behind the recent BTC push. It could be overdue for a catchup rally.
(2) Alternatively, we see also the formation of an extended rising wedge; should ETHUSD fail at $200 levels, a further breakdown below the bottom trend line of the rising wedge would be ominous for the pair.
https://cdn-images-1.medium.com/max/1200/1*I5JwbkUyT_KqJOP2KUxiww.png
Chart from Sigma by Hydra X
ETHUSD broke and closed convincingly clear of the $175-180 resistance zone on 11 May. Price action is currently capped by the upper bounds of an ascending channel, and more importantly, a cluster of sellers at the psychological $200 level. $200 is a key level for the pair. Should ETHUSD succeed in breaking and holding above, this would form a bullish case.
https://cdn-images-1.medium.com/max/1200/1*gFIXMBiZUkub9g7Z7xtIcg.png
We are currently monitoring two alternative scenarios:
(1) a bullish breakout of a long-term ascending triangle, which a close above $200 would validate.
https://cdn-images-1.medium.com/max/1200/1*qE7zuNvhvrp2tH4CSl9rmg.png
Of note also is that after tracking BTC prices closely for most of the past six months, ETHUSD is lagging behind the recent BTC push. It could be overdue for a catchup rally.
(2) Alternatively, we see also the formation of an extended rising wedge; should ETHUSD fail at $200 levels, a further breakdown below the bottom trend line of the rising wedge would be ominous for the pair.
https://cdn-images-1.medium.com/max/1200/1*I5JwbkUyT_KqJOP2KUxiww.png
Jump to: