Cryptocurrencies

ETH technical analysis

ETH seen from the temporality of 1D we can observe the figure of a descending wedge indicated in the graph by means of 2 purple diagonals, the current bullish impulse after touching the support of the figure suggests greater probabilities of a break to the rise, for it, the candle should recover the key support located in the 178.76 where the price is currently fighting for recovery, if achieved, in the chart I have plotted the profit targets, with the TP4 being the highest target located at 271.70, an easy target to reach if BTC continues its bullish movement.

In the image above I have indicated by 3 blue circles the pattern of 3 points, when we see a formation of this type, the odds of a long move are very high, I wanted to emphasize because it corresponds to a very important tip and a further validation of the possible movement of ETH.

ETH seen from the temporality of 4H we can observe how the previous candle has formed a hammer candle with strong buying pressure, this is a strong indicator that the price will continue rising as I have indicated in the graphs of 1D, in case the price decided to lower and look for more volume is possible to find it in the support located at 172.91 and then continue the bullish movement.

In conclusion, ETH is following very well the current bullish movement of BTC, it seems that the break of the support has been false and this pullback recovers without problems, I recommend waiting for the break of the figure and recovery of the support located at 178.76 to enter long, always take precautionary measures and manage the risk correctly.

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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