Ethereum (ETH/USD) is showing significant wicks on both sides of the daily candlesticks. The struggle between bulls and bears is, however, above the 21 ema zone
Ethereum (ETH/USD) is showing significant wicks on both sides of the daily candlesticks. The struggle between bulls and bears is, however, above the 21 ema zone in a strong uptrend (all moving averages are aligned).
Let’s review the daily and 4 hour chart to analyse whether the uptrend can continue.
The ETH/USD remains in a well established uptrend. Price action recently completed an ABC (grey) pattern in wave 4 (pink). After that, price action broke above the 21 ema zone for another bullish swing up:
On the 4 hour chart, the roller coaster push up and down seem to be part of an ABC (orange) pattern in wave 4 (grey). Price action is now testing the 21 emas, which is a key decision zone for a breakout or bounce:
Good trading,
Chris Svorcik
The analysis has been done with the indicators and template from the SWAT method (simple wave analysis and trading). For more daily technical and wave analysis and updates, sign-up to our newsletter
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Chris Svorcik is co-founder, trader, and analyst with Elite CurrenSea (www.EliteCurrenSea.com) since 2014.