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Ethereum Getting Ready For Correction
Long legged Doji indicates a potential equilibrium in supply and demand, and uncertainty in the market about the future price direction. At the top of a strong uptrend or downtrend, it can signal the potential for a trend change. This long legged Doji has its high at the top of the upper channel, suggesting that there is strong resistance in the $20-21 range. RSI (14-day) is incredibly overbought 90+, and in-fact is nearing lifetime highs for Ethereum around 92!
I believe Ethereum will give when Bitcoin gives, although the correlation of the two sell offs may not be exact. I am looking to repurchase as close as the price can get to $14. Ethereum has strong underlying fundamentals with the recent news of enterprise adoption. For this reason, I don't see the longer term uptrend ending, rather, I believe the sell off will be a correction within the longer term uptrend.
I believe Ethereum will give when Bitcoin gives, although the correlation of the two sell offs may not be exact. I am looking to repurchase as close as the price can get to $14. Ethereum has strong underlying fundamentals with the recent news of enterprise adoption. For this reason, I don't see the longer term uptrend ending, rather, I believe the sell off will be a correction within the longer term uptrend.
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