Positive Technical Developments in Ethereum

After bottoming at $450 last Wednesday Ethereum has been clawing higher. It is worth noting that there are positive technical signs beginning to form in Ether as the June 13th low did not make a lower low in RSI compared to the May 28th low at $492:

ETH/USD (Daily )

A move up above $565 would be highly constructive and potentially set in motion a breakout from a bullish falling wedge pattern. One can also make out a head & shoulders bottom pattern with a slanted neckline (I much prefer flat necklines in H&S patterns).

The most interesting aspect of Ethereum (and crypto in general) is that we are seeing some subtle positive signs while sentiment remains firmly in the basement. Some additional upside price momentum combined with more constructive technical signs could generate a positive mean reversion in sentiment. However, even in this scenario we are likely to still be a long way from the frothy days of December and January.

 

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Cryptocurrencies can easily lose 100% of their value. It’s your money and your responsibility.

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