Conclusion for today’s Ethereum analysis:
Price breaking above 168.40 confirms more bullish upside in the price of Ethereum.
Ethereum analysis for today is carried out on a 4 hour time frame with coverage of market action from November 7, 2018 to current date, with previous analysis provided here. Ethereum has managed to sustain a bullish price swing or trend (based on the current time frame) ever since price hit a price low of 83.19 on December 15, 2018.
A range or sideways duration of price movement is observed and plotted on the chart between 168.40 and 104.42 with the former representing the upper boundary of the range and 104.42 the lower boundary.
In addition, the bullish trendline from the December 15, 2018 price low is indicated on the chart and does provide an ascending triangle (ideally bullish) chart pattern when combined with the top of the range for the ranging environment.
A break the bullish trendline is bearish, and the December 15, 2018 price low of 83.19 is likely to be challenged should price refuse to hold at 104.42 on a break below the bullish trendline.
The most conservative, bullish Ethereum trade would seek to buy Ethereum on a breakout above 168.40, while less conservative options of entering a long (buy) position involves waiting for price to successfully test the 4 hour time frame bullish trendline or 104.42.
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