Chart of the Day – ETHUSD | Crypto Technical Analysis

Chart of the Day – ETHUSD | Crypto Technical Analysis


– Hi and welcome to GO Markets Chart of the Day coming to you from London. My name is Adam Taylor, and in today’s analysis we’ll be looking at the cryptocurrency Ethereum
on the Daily Timeframe. If you enjoyed this video,
please leave us a thumbs up, or you can message me directly
at [email protected] Now over to the analysis
and obviously Ethereum, has a second largest market
cap following Bitcoin. So it tends to get a lot of the headlines, as well in the cryptocurrency space. Now the reason we’ve gone with a crypto, today’s a lot of the
traders are speculating that the so called crypto
winter is beginning of the thaw. So I thought today we’d take a quick look at this particular altcoin, and see what’s happening
from a technical perspective. Starting with the trend, we see this bearish trend
line remains in place. What’s interesting is we can see, we’ve reached this price junction here, which could be quite important. Price is being squeezed
here from the lower levels, and what this may be telling us, is that we may be in for
a reasonable breakout in either direction in
the upcoming sessions. Now typically I’d say, “This is more a bearish
symmetrical triangle”. Reason being, is we already have a firm downtrend established, and
you would expect perhaps a continuation pattern
such as this to occur. However, considering the clear
market rejections below 160, I think it could equally play out towards the upside as well. And one other thing to note
here is that we’re also seeing a thinning of the Ichimoku cloud or the dynamic support and resistance. So there certainly appears to be scope for price to move higher
should that be the case. So the key level going
forward appears to be 200. If we begin to see some
closes above this region, then we may be witnessing a
new bullish trend emerging. Switching over to the latest
point-and-figure chart, this will be become much clearer as we can see also the potential targets to the upside and the downside. We have this bearish resistance in place. So 233 to the upside
would be the first target, it would also create a
bullish support line as well, changing the overall trend. That’s all for today thanks for watching. Remember to head over to
gomarkets.com for the latest, and follow us on Twitter. Until next time, thank you.

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