Ether could continue underperforming bitcoin in the next month or so - but the technical picture indicates a rotation of capital into Ethereum is near.
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Closed above the trend line on the daily for Ethereum. Let's see how the weekly close plays out at the end of Friday.
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Potential breakout from channel
Institutions are getting involved in Ethereum right now on a big scale
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We are nearly in the ~80% depreciation level now. The last two major drops reversed on the 4th week of December.
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Major reversal is underway
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Merry Christmas/Happy Holiday's. It is fair to say we have definitely put in a reversal.
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Like Bitcoin, Ethereum has gone parabolic. May be important to watch this parabola. I've been of the opinion that Ethereum hits $3000 by 1st or second quarter this year. At some point this rotation will change...
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Approaching small support. If broken look for 'sweet spot' to add (purple)
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Some resistance is approaching. Based on what I am seeing there is a flight out of altcoins and bitcoin and flowing into ethereum. There could now be a flight out of ethereum and into fiat, rather than into bitcoin.
Hi Lanmar, thanks for the chart. I'm extremly bullish for Ethereum as well. There are other ETH/BTC charts on tradingview which indicate the situation as you did. May I ask you for a some additional tech indicators like MACD or RSI, howe they actually look like? That would be very kind. Thank you.
Lanmar
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@MichaelShutterbug, Sure, every indicator I've usually used actually go against this analysis. At the same token, those same indicators I've used (squeeze momentum and volatility) have not worked in previous ETH/BTC bottoms
in the last year and a half either. Therefore, I do not think they will actually be useful here.
MichaelShutterbug
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@Lanmar, Thank you for your feedback. Wow, we are getting close real quick. Today or tomorrow? I'm ready to switch a first small position. Good luck to you all.
MichaelShutterbug
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@Lanmar, Well boy, that escalated quickly:-) Started with a small amount moving BTC to ETH. I expect a course of 0.15 ETH/BTC and try to play the game this way. 0.15 is the old ATH from summer 2017. This should be reached until Spring or Summer 2018.
@Lanmar, how did u squeeze into the channel coz I am trying and I can not get it adjusted...peak of 2017 is too low and peak of 2018 is too high to draw parallel lines with lowest point for both years???