The price move of Ethereum the past week has been quite bullish. Last week I wrote a post covering the positive signs I saw from price coupled with some upside targets.
Luckily it played out and Ethereum pushed higher reaching all but the 230 target on this first move.
Orderly Push Higher w/ Constructive Pullback
I love what I am seeing from price right now. If you look at the chart in this post you can see after the aggressive push higher we are seeing a nice little pullback.
This is constructive for two reasons:
- Volume was rising on the move up and is declining on the move down (though on a whole volume still isn't very high)
- After stretching away, price is having an orderly pullback to allow the 10 day moving average to catch up (which I am using as a guide for re-entry)
As much as I'd like to see price touch the 10 day moving average and then push higher, it doesn't always work that way. It could turnaround at any moment and push higher or come down even more. In the end, we need price to maintain above 202 for the price action to remain in a bullish tone.
As for upside targets. That 230 area is the next target. If price breaks above there then it has a shot at establishing in that prior range that has upside up to 273.
Is Alt Season Here?
Alot of people are claiming alt season is here. Well, I hope they are correct, but if we don't get a second leg in this move by Ethereum and other alts then all it was is a bounce.
Here's hope for another push!