Updated Ethereum Analysis - Bulls having a hard time here.
A quick update on Ethereum and what is currently happening. Let's get to it, looking at the 4hr chart.
Ethereum found some strong buying pressure down around $450 and was able to shoot back up into the $500's. It formed a very similar Bull Flag pattern to Bitcoin, with one major difference. The 20 EMA is running right along the top of the bullflag, adding extra resistance to the top of the flag, making it a little harder to breakout.
In BTC, the 20 EMA was running along the bottom of the flag, pushing upwards and helping BTC price break out to the upside, which it already has. Ethereum has been unable to do this yet, and time will tell whether we get a break to the upside and possibly a failure to the downside. A break to the downside of the flag could send prices back to the recent lows.
On the upside, if we do break out of the current bull flag formation, we could test the bottom of the recently formed MEGA head and shoulders. What happens from there could be very telling for the future of Etherum.
Sorry I don't have more for you guys this morning, as I don't have a ton of time. I'm also on the sidelines for right now until we get some more definitive tells of where Ethereum might be going. If any trade opportunities come up, I'll keep you updated. Good luck!
Ethereum found some strong buying pressure down around $450 and was able to shoot back up into the $500's. It formed a very similar Bull Flag pattern to Bitcoin, with one major difference. The 20 EMA is running right along the top of the bullflag, adding extra resistance to the top of the flag, making it a little harder to breakout.
In BTC, the 20 EMA was running along the bottom of the flag, pushing upwards and helping BTC price break out to the upside, which it already has. Ethereum has been unable to do this yet, and time will tell whether we get a break to the upside and possibly a failure to the downside. A break to the downside of the flag could send prices back to the recent lows.
On the upside, if we do break out of the current bull flag formation, we could test the bottom of the recently formed MEGA head and shoulders. What happens from there could be very telling for the future of Etherum.
Sorry I don't have more for you guys this morning, as I don't have a ton of time. I'm also on the sidelines for right now until we get some more definitive tells of where Ethereum might be going. If any trade opportunities come up, I'll keep you updated. Good luck!
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