Commentary is provided below in an ascending order based on the numbers indicated on the Daily timeframe of Ethereum (ETHUSD).
(1) Price action from January 27, 2018 till current date is captured in this analysis using a falling wedge (diagonal), which is currently still active and has broken through support regions mentioned in the previous post on Ethereum mentioned here. Conservative long (buy) positions therefore should be considered only after a breakout outside of the wedge.
(2) ~$530.35 and $398.81 indicate two possible points of entry into a long (buy) position, with the former being more conservative than the latter. Either price level ensures a break out above the bearish falling wedge. Besides, entry into a long (buy) position must involve confirmation by bullish momentum.
(3) Breaking below previous support regions as mentioned in the last post and the lower line of the falling wedge intersecting the upper region of support between ~$185.36 and $110.82 indicates that this possibly is going to be area of target for the price of Ethereum before any bullish price swing can be sustained.
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