Conclusion for today’s Ethereum technical analysis:
Price closing above ~325.30 implies further bullish strength in Ethereum.
Ethereum analysis for today is presented on a 6 hour timeframe candlestick chart with major focus on the uptrend in Ethereum (ETHUSD) since December 15, 2018. Context is provided for price action ever since then using a bullish price channel.
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Ellipses on the chart indicate price pivots used to draw the channel with the most recent pivot i.e. (148.88) occurring on April 25, 2019. The most recent peak in Ethereum achieved on May 16, 2019 at ~279 failed to test the upper boundary of the channel and is therefore a sign of weakness in bullish strength.
Also indicated close to the recent peak in price action for Ethereum is a pennant structure, which is ideally a continuation pattern, and in this case, bullish.
Trading Ethereum for a bullish (long) position(s) is considered most conservative if an order(s) is placed upon break above ~325.30. This ensures that price has successfully ejected from the bullish channel and also the pennant structure would have been confirmed.
Less conservative strategies would seek to buy as soon as pennant is confirmed by price closing above ~262.25 since the implication of the chart pattern in a continuation position is the resumption of the previous trend. Advanced use of chart patterns in trading are discussed here.
On the other hand, price closing below ~224.77 further decreases the chance of a bullish move and suggests the bottom of the channel at ~186.84 as the next target. 156.73 and 148.43 represents immediate support for Ethereum below the bullish channel and price closing below 148.43 indicates further bearish strength.
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Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.