ETHEREUM in critical break up or break down zone.
As I continue to keep an eye on bitcoin busting through the $42-43k resistance level, I'm also watching the movement of ETH.
As you can see from the simple analysis, you can see that ETH is currently in between critical resistance levels of 2630 and 2900, and moving upward in a channel as defined in the chart.
Break out scenario:
If we see Bitcoin break through 43k I would expect that ETH would break out to the positive and move rapidly through the 2900 level and on toward 4000 and it's ATH dependent on market conditions.
Break down scenario:
If we see bitcoin languish or pull back from the $42-43k resistance, we could see investors taking profits in ETH and see it pull back to the 2200-2400 range.
I personally believe that we will see a breakout to the upside at some point over the next six weeks and just watching to see if it might be imminent.
*DO NOT TAKE THIS AS FINANCIAL ADVICE. I AM AN AMATEUR AT TA. Do your own research and analysis.
As you can see from the simple analysis, you can see that ETH is currently in between critical resistance levels of 2630 and 2900, and moving upward in a channel as defined in the chart.
Break out scenario:
If we see Bitcoin break through 43k I would expect that ETH would break out to the positive and move rapidly through the 2900 level and on toward 4000 and it's ATH dependent on market conditions.
Break down scenario:
If we see bitcoin languish or pull back from the $42-43k resistance, we could see investors taking profits in ETH and see it pull back to the 2200-2400 range.
I personally believe that we will see a breakout to the upside at some point over the next six weeks and just watching to see if it might be imminent.
*DO NOT TAKE THIS AS FINANCIAL ADVICE. I AM AN AMATEUR AT TA. Do your own research and analysis.
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