Ethereum: Still A Long Way Before Long Term Stability Seeps In

  • ETH at risk of falling into trap of rising wedge.
  • Long term stability only after $200-250 range decisively crossed.

Ethereum, the second largest cryptocurreny by market capitalisation has doubled from its December 2018 lows and is technically way past the definition of a bull run. But given the set up it is in, there is every likelihood it may fall trap to a rising wedge on the long term chart, unless it decisively crosses and sustains above a specific range.

ETH/USD is down more than one percent on day at $64.53, near low point of the day. On the 12-hour chart of ETH, it seems to be falling into the trap of a rising wedge, which is potentially bearish for the prices. If the pattern completes and holds true to itself, it can easily halve the prices from the top of the wedge.

While that is a key worry, for the bulls to disregard the pattern, prices first need to sustain above $180. That would be temporarily sufficient, although for long term bull market stability, ETH still needs to cross past the range of $200-250.

ETH/USD 720-minute chart:

ETH/USD daily chart:

Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with
Currency Trader 5 years ago Member's comment

@[Yohay Elam](user:18095), if you could only invest in one crypto, which would it be?

Frank Underwood 5 years ago Member's comment

Why invest only one? Hedge your bets and diverisfy your risk by investing in several.