Eth is at a pivotal moment right now. ETH has reacted off this $400 level a lot of times in the past. We can see how it's used this level as a pivot many times going back.
Currently, ETH has broken back below this line, which is inherently bearish. You could also argue that ETH is forming a head and shoulders pattern right now and we are only just now forming the right should. However we still have a lot of upside pressure in the market which could propel ETH a LOT higher. This is not to be dismissed but watched carefully. I am not saying this up and warrants going long right now. However, I do have a line in the sand.
A break above this $390-$400 area will begin to invalidate a head and shoulders and the downside correction. This will propel ETH a LOT higher.
Conversely, if we DON'T break above, we will see ETH come down to $200 to this mid-range zone here.
My bias is bullish right now.
A break above also means we can go long on ETHE.
Cheers,
-Sherem
Currently, ETH has broken back below this line, which is inherently bearish. You could also argue that ETH is forming a head and shoulders pattern right now and we are only just now forming the right should. However we still have a lot of upside pressure in the market which could propel ETH a LOT higher. This is not to be dismissed but watched carefully. I am not saying this up and warrants going long right now. However, I do have a line in the sand.
A break above this $390-$400 area will begin to invalidate a head and shoulders and the downside correction. This will propel ETH a LOT higher.
Conversely, if we DON'T break above, we will see ETH come down to $200 to this mid-range zone here.
My bias is bullish right now.
A break above also means we can go long on ETHE.
Cheers,
-Sherem
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Chart for reference -
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Looking more and more primed to bust up from here
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Boom.
ETH looks good