Conclusion for today’s Ethereum Analysis:
A close above 187.45 is crucial for Ethereum to maintain its current bullish momentum from 84.00
Ethereum technical analysis for today is presented on the 6 hour time frame candlestick chart using a logarithmic scale. The only goal of using a chart pattern is to make profit.
For this to happen, the most crucial aspect is in the early recognition of the potential pattern(s) that the market is presenting, as well as the following
- Thorough understanding of their implication(s)
- Failure tendencies for the chart pattern
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The different chart patterns that formed from August 14, 2018 as part of the bearish move that terminated on December 15, 2018 are highlighted on the Ethereum chart.
84.00 marked the price low on December 15, 2018, after which price made its most recent peak at 187.98 on April 08, 2019. A rising wedge chart pattern is used to describe price action between the aforementioned dates.
A bullish price channel is another chart pattern that can be monitored as part of the future development of price action. The top boundary of the channel is drawn in dotted red lines, while its bottom (parallel line) is also the lower boundary of the wedge.
The bullish channel as drawn is tentative. A break above 187.98 increases the chance of Ethereum targeting the upper boundary of the bullish channel and eventual break above the channel itself can provide a guide for the minimum projection of price action.
The implication of the rising diagonal (wedge) pattern is ideally bearish and suggests that a sell off should ensue in the price of Ethereum with the minimum expectation being the origin of the chart pattern at ~ 84.00.
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