Legendary Analysis on Ethereum! (ETH)

BITSTAMP:ETHUSD   Ethereum / Dollar
Hi friends! Welcome to this update analysis on Ethereum! Jumping right into the chart, we can see that several things have happened. First off, ETH has moved higher than I had anticipated, with regards to the right shoulder of head and shoulders pattern that I proposed. This is a nice thing to see, for the bulls, but it doesn't yet negate the possibility of a head and shoudlers pattern. To illustrate this, I have drawn an alternate right shoulder (in yellow) on the chart. Technically, in order for the head and shoulders pattern to be negated, a sustained breakout needs to occur over the previous high, which is the highest point of the head. Looking at the recent price action, we can see that it is quite strong, as ETH is currently testing the previous high. A sustained breakout above that level, would likely send this market much higher, possibly above the rising green parallel channel and into uncharted territory. We can see that volume has been decreasing, and so has the momentum on the MACD , which is indicative of exhaustion, in this recent push higher. On the downside, a failed attempt to break above the previous high, will likely send this market lower. Initial support will likely be found at the 20 EMA (in blue.) This has been your friendly market legend — MPC! Please follow, comment, like, and share on social media.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

Kommentar: Update: ETH has penetrated the Previous High level on the chart! I will be watching to see if price action confirms the previous high as new support, or fails to hold and falls back below. This is a positive sign for the bulls. I will keep you posted, as the chart develops.
Any development?
Thoughts were do you think we are heading??
This ETH is looking strong according to price action.
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You are always making bearish analysis. Are there any coins you are bullish on?
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@mobster2, Hi mobster! Thank you for the comment. If you look back through the history of my charts, you will see that I was very bullish a couple of weeks ago. However, when negative things develop on the charts, I cannot ignore them. Trust me when I say, that when the coast is clear, and things turn bullish, it will be reflected in my analyses. To answer your question, Ethereum definitely has the most bullish chart, out of all of the crypto's that I've analyzed. I hope this helps. Thank you for following, and good luck trading! =D
OmarHalawi MagicPoopCannon
@MagicPoopCannon, So you will not be in again on this break?
@OmarHalawi, Personally, I am only into buying Stellar and Litecoin. I view Litecoin as one of the most undervalued crypto's in the whole space, and it is my favorite by far. Stellar, is something that I own as a slightly more speculative alt. However, I do like Ethereum. I'm just focused on accumulating Litecoin at the moment. =D
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OmarHalawi MagicPoopCannon
@MagicPoopCannon, they're marketing is far too weak is the problem. They do not stimulate the market and cause that sense of FOMO that others create.
mobster2 MagicPoopCannon
@MagicPoopCannon, Thanks for the speedy reply. I am skeptical as well, things seem way too hot right now. However, this market is insane and unpredictable. I got into ETH at quite a lower price so I will just hang out for the ride. Let's see! I will keep an eye on your analysis.
Best of luck to you as well!
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market cap 732 bil $. price is about 1350 usd. I'm expecting price to go down.
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