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Here we have ETH/USD on the 4H chart.
ETH/USD appears to be in a corrective move. Price has recently been trading within a rangebound structure, between a horizontal at 900 and a horizontal at 1370.
Price is picking up momentum to the downside. Price had an initial low of 790 on 19th January, and since then there has been higher lows in the pair. It looks like the momentum across the Cryptocurrency board (In my professional opinion) might legitimately be back.
I am expecting Ethereum to continue with it's current momentum, and hit the horizontal which is our target, at 1380.
This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target at 1370 in one strong swing move. Bare in mind if this does happen it is extremely likely that price will once again be going back into higher levels, and would show a significant change of investors sentiment in Cryptocurrency as a whole, and prices returning to their higher levels would be likely.
-Price retests the horizontal at around 900 before the new move comes in. A retest of structure would make latecomers in this trade feel more assured and safe entering this trade.
Bare in mind, the first scenario above is preferred to the second. The first scenario indicates that there is momentum in the short term which is exactly what Cryptocurrency needs. It needs , , and direct graphical sentiment.
If price retests the lower support, it will still bounce and go to the upside, but it is less likely. The first scenario above is the ideal one for Ethereum's best outcome.
I will updating this analysis if it receives more than 40 likes.
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