Ethereum (ETH) is near either make or break the altcoin rally. The above chart for ETH/USD tells the entire story and leaves very limited space for clarification. The value is currently resting on the 21 Day EMA. Below that is the 38.2% Fibonacci retracement bar. Above the price is the 61.8% retracement level. Within the past few days, having become range forced, Ethereum (ETH) now has a provision at the 21 Day EMA and the 38.2% Fibonacci bar. Though, it also tackles a robust resistance at the 61.8% Fibonacci retracement level. Moreover, there is the trend line encouragement that Ethereum (ETH) might test short term if it decreases to the 38.2% Fibonacci retracement level.
Wave trend analysis indicates that Ethereum (ETH), just like before can begin another downtrend to the bottom of the downward channel. Nevertheless, there is one alteration this time: the price is above the 21 Day EMA at the moment. Before that, when Ethereum (ETH) would endure its downtrend by forming lower highs and lower lows, the value would reach a top under the 21 Day EMA. By this means that Ethereum (ETH) presently has an definite shot at breaking the chains and setting itself unrestricted. Conversely, as it seems this is not as easy. Breaking past the 61.8% Fibonacci retracement level would be something Ethereum (ETH) would do for the first time since the improvement. We have seen Ethereum (ETH) surrender to the 61.8% Fib resistance, every time during extension of the downtrend,
Ethereum (ETH) now has two ways: either it can break above the 61.8% Fib level and make the altcoin rally or breakdown below the 38.2% Fib level and break the altcoin rally. It will have to be finished in the next few days as plot is running out for sideways actions, regardless of whatever it does. Technical markers are not very promising for a robust bullish retort but they can support a break past the 61.8% Fibonacci confrontation. Ethereum (ETH) has already seen a massive correction and to think that it would enter another bear trend from here onwards would be irrational. Nevertheless, as traders and investors we have to organize against all practicable results.
This chart above for ETH/BTC on the weekly timeframe makes a very significant point which many of us disregard as we narrow down on lesser timeframes. The big picture is very clear to those who want to see it, but for those who want to make investment based on short term FOMO or FUD, that’s their privilege. There is a certain pattern most of these altcoins have traded in to rally and precise. For most cryptocurrencies, it is an fluctuating arrangement of a rising lodge and a falling wedge which basicly concludes a bullish gartley shape, as it forms a double top. Most of these indications and pointers unite to give us the big picture of it.
When we examine the above chart, we will see that Ethereum (ETH) has been through the identical. It first arrived a rising piece since before January 2018. Then it broke out of the rising wedge as predictable and molded a double top. Afterwards, it entered a dwindling wedge as it entered alteration thus also finishing a bullish gartley outline. It broke out of this falling wedge and closed a broadsheet candle overhead it in September. Now, the present weekly candle we see is red but it does not make sense at all. The whole week is still ahead of us. Therefore, the most likely setup is that Ethereum (ETH) will mvoe on to rally from now as it has by now begun a new trend counter to Bitcoin (BTC) and soon as it does, the remainder of the altcoin market will go along.