Ethereum smashed the ATH and is now in blue sky breakout making a new ATH. Levels are overbought on several of the shorter term charts, but because of the levels being without resistance, this isn't as relevant.
The order book shows a lot of sell pressure approaching the $1,300 level. I'm not sure if we will hit this before seeing a significant pullback.
Yesterday, I predicted we would see an ATH today around the upper $1,200's, so I think we are about at that point. I'm not sure if $1,300 is in store today. Of course, I would LOVE to be proven wrong! :)
Also as predicted, we are seeing a new ATH but with lower RSI on the hourly.
The 4-hr maribuzu candle is actually a great setup and the volume looks extremely healthy for the movement.
The daily is a little concerning and lets me know to still be cautious. Last time we saw this scenario with this level of RSI we saw a nearly 50% dump. I'm still targeting the $875 support level that I think we will test before too long.
It's great to see the independence from the other markets, but this growth for this long is definitely concerning. We are currently about to work on our 11th straight green bull candle. We've NEVER seen this trading without a correction before in Ethereum, so I think it's highly likely we will see some green daily candles here after resisting from $1,300. These large spikes always have large corrections to follow, so I'm thinking we can get in at least around $875 support.
As always, I'd love to hear your thoughts!
Happy trading!!
Loving the analysis bro!! Keep it up
Thanks!!
Nice prediction! I have kept from getting out of market based on your analysis and it looks good so far. I am thinking I will sell out at ~$1300 if I can beat this XLM trade. You think there will be a fall to $875 still? Would this be tomorrow or over the course of the next week or month. Do you think $1350 is possible tonight? Thanks for the good work!
Thanks @idiottrader! I got out of my position at $1,290. Even if it does keep going up I'm ok leaving money on the table. If you're a long term holder it doesn't matter, but I'm looking to limit risk, collect profit, and wait until we correct. We've had 10 green days so far which is unheard of in ETH history. Daily RSI is over 85. Weekly RSI is at almost 90. We're definitely due for a nice sizable pullback and it will happen. We might get up to $1,350 first, but there's definitely a larger correction looming.
Interesting. I don't know much about the behavior of ETH other than my experience the last week or so. I have been having fun riding the 5% swings up and down. Doing that a little tonight, actually before I cash out. Hope your correction doesn't happen in the next 2 hours! 0.o
Just started!!!
so I see.. one dip too much into the cookie jar, I think! Looks like I'm going to be holding for a bit if I can't get out even.. oops! ^^