Conclusion for today’s Ethereum Analysis:
Price action closing above ~135.04 can be used as a conservative entry into a long (buy) position(s).
Ethereum technical analysis for today is carried out on a 1 hour timeframe that examines price action from December 07, 2018 to current date. Previous analysis can be found here.
Bullish price swing in Ethereum from the December 15, 2018 low of 83.19 culminated in a top formation best described as a complex head and shoulders top pattern. Confirmation of the pattern came in ~151.22 on January 10, 2019 when price closed below the neckline of the aforementioned bearish pattern.
An ending wedge (ideally bullish) in red helps to capture price action close to support for Ethereum between 101.71 and 93.91.
A break below 93.91 implies further downside in the price of Ethereum. On the other hand, price breaking out above the upper boundary of the ending wedge indicates the resumption of bullish momentum in Ethereum.
135.04 is used in this analysis as a more conservative price level for entry into a long (bullish) position compared to buying on an immediate breakout from the wedge.
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