Here we can see a few similar spots from a year ago to see at which stage we might be in. We already had a huge rally for ETH past months, so i don't think it's a crazy thought to compare these. Also, because of what i was trying to explain in my Bitcoin analysis i just posted. That if we do rally, it needs to be convincing and with good volume. As we can see in the previous two rallies happened.
So i can't give a magical answer for ETH now. All i can say is that if we do break up, it needs to be a convincing push up. If we see a slower breakout (something like the red line), than it will be likely to see it drop again. Looks like 240 is the max for a drop. 260ish is a short term resistance, but the 270/80 will be a big one. That one needs a big volume push through it to make it a real breakout.
The triangle we are in looks something to follow, but the closer it gets to the end of it, the less value it will have. Meaning, that a break up or down, can be a false one.
Will try to update on this one as well later today if i see something clear on the lower time frames.
I will also post a new long term chart coming days as well.
My previous analysis i mentioned thinking about a move up to 255/260 and then drop big again. This scenario is still in play and i think a break of the 240/260 range will prove me right or wrong about this.
Don't forget to like if you appreciate this:
Previous analysis:
So i can't give a magical answer for ETH now. All i can say is that if we do break up, it needs to be a convincing push up. If we see a slower breakout (something like the red line), than it will be likely to see it drop again. Looks like 240 is the max for a drop. 260ish is a short term resistance, but the 270/80 will be a big one. That one needs a big volume push through it to make it a real breakout.
The triangle we are in looks something to follow, but the closer it gets to the end of it, the less value it will have. Meaning, that a break up or down, can be a false one.
Will try to update on this one as well later today if i see something clear on the lower time frames.
I will also post a new long term chart coming days as well.
My previous analysis i mentioned thinking about a move up to 255/260 and then drop big again. This scenario is still in play and i think a break of the 240/260 range will prove me right or wrong about this.
Don't forget to like if you appreciate this:
Previous analysis:
