In the same situation as most other cryptocurrencies, Ethereum (ETH) has not performed at its best for a few days now, when prices plummeted from as high as about $ 290 to a low of $ 235. However, the coin has found strong support at the $ 250 zone, and it looks like it is attempting to establish some support before deciding where to go next.
According to leading analyst, ETH price will increase in the next few days. When he pointed out a confluence of three technical factors to support this idea.
Ethereum is printing a series of positive signs
According to trader RookieXBT, Ethereum is printing three signs (on the six-hour chart) that it will rise higher, surpassing the false double peak formation at $ 290 last week.
Bull thoughts on Ethereum:
- Price is printing an ascending triangle structure
- RSI creating a falling wedge structure
- Hidden Bullish Divergences as price makes higher lows, and RSI makes lower lows
An RSI breakout from wedge would be indicative.
- RookieXBT (@RookieXBT) February 22, 2020
ETH is currently printing an ascending triangle structure, marked by some tests of horizontal resistance lines and ascending support lines. This ascending triangle formation is often broken up.
The RSI indicator on the 6-hour time frame has formed a falling wedge structure. This falling wedge also often indicates a break up.
A bullish divergence is being formed when prices are making higher lows, and RSI is creating lower lows. This shows that a breakout of the RSI wedge could appear in the near term, and it will help ETH price rise above the triangle pattern, which has been limiting the bullish move for days.
Long term Bullish signal
According to a recent Bitcoin Magazine report, trader Alunaut has given a strong bullish signal on ETH's weekly chart. He said that the ETH price has risen above the "Ichimoku cloud", which is good for long-term growth for ETH.
- Alunaut 🌎 🚀 🌘 (@onemanatatime) February 21, 2020
Indeed, when this was seen in Bitcoin in 2016, the cryptocurrency took a move that raised thousands of percent to $ 20,000 in the following months. This historical precedent suggests that the price of Ethereum may rise sharply over the next year or two.
However, for the development to support this uptrend to be confirmed, it is imperative that the bulls have to keep the price above this level until its weekly candle closes at 7am tomorrow morning (February 24). , Hourly Vietnam).
Yes, everything seems to be in favor of ETH, the upward move this morning is helping it do this well. If the weekly candle closes above $ 252. A new price rally may be initiated.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to Tapchibitcoin / NewsBTC
- Bitfinex will delist 46 cryptocurrency trading pairs on March 6
- Format USB Theo Chuẩn Nào Là Hợp Lý ?
- How is Xiaomi copying Apple's design? - Knowledge sharing blog
- Top 6 crypto exchanges that are "worth the money" for rice in 2020
- Two well-known media outlets posted false posts claiming Bitcoin dropped 56%