Conclusion for today’s Ethereum price analysis:
Price closing above ~252 implies more bullish upside in Ethereum.
Ethereum chart provided for this analysis is a Daily timeframe candlestick chart that uses a logarithmic scale. Previous Ethereum analysis provided for free focused on the 6 hour timeframe and the chart pattern formations (tentative) to be aware of for future price development.
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The main goal for today gives major consideration to the chart pattern developing on the Daily timeframe to understand the tendencies for price action. A rising wedge (diagonal) chart pattern is identified to provide context for Ethereum price from the low achieved on December 14, 2018 to current date.
The above mentioned chart pattern is ideally bearish. However, price trading currently between 192 and 194 at the upper boundary of the wedge implies a potential breakout to the upside and bullish momentum strengthening.
Of important notice also is 192.30, which is the lower boundary of horizontal resistance coinciding with the upper boundary of the wedge. A close above the aforementioned price level presents 252.84 as the next challenge for continuation of bullish momentum.
Buying on a breakout above 252.84 is thus considered a conservative strategy to go long (buy) Ethereum while buying prior to that is less conservative. Lastly, the Average Directional Index (ADX) shown at the bottom of the Daily timeframe Ethereum chart shows the ADX line with a positive rising slope with the +DI line well above –DI line.
This implies that current trend strength favors Ethereum bulls and prices should keep moving higher.
Price closing below ~148 and also the bottom of the wedge implies an increase in bearish strength that could lead to price closing below its December 14, 2018 low of ~80.96.
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