Cryptocurrencies

ETH technical analysis

ETH seen from the temporality of 4H we can observe how the movement has been obtaining a good momentum forming higher and higher minima, however, we must take into account the succession of HL (lower maxima) that the bearish structure still maintains, on the other hand we see that the correction has found important support in the 274, at this point the momentum changed causing LH (higher minima) to form, the current candle is close to the diagonal trend indicated on the blue chart, if the price makes the break and exceed 294 will be safe to enter long.

ETH seen from 1D we can observe the uptrend that has been following the price from the floor located at 82, since then has not stopped rising thus forming a cup & handle structure, an uptrend pattern well known by traders, if ETH is able to continue rising from the area in which it is currently is very sure to reach our goal I have indicated in the chart within a blue rectangle located within the price range of 450 – 468, this area is known as OB.

In conclusion, ETH is very soon to have a strong movement, if it manages to break the figure and exceed 294 the price is going to go strongly to the rise, otherwise, we could see the price go down to 274 and even reach 256, I recommend paying close attention to the next candles of 4H, as they will be crucial to determine the direction the price will take.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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