Today ETH confirmed the Morning Star and is expected to rally. Let’s explore the hypothesis from the various angles.
Instead of suggested 1-3 days of rest, ETH paused for 5. Yesterday it formed a Morning Star doji that was confirmed on Thursday. It opens a path to a higher high.
The technical indicators have been reset and are ready for another leg of the rally. The price is back above 8 EMA line that plays the major support role.
Channel and Forecast
The previously suggested channel required a little adjustment (lower slope) after a longer than expected pullback.
Based on the channel line, I am expecting ETH to reach the $3800-4000 area by the end of August. Once it will be getting closer, the subscribers will be able to receive a more detailed view and possible reversal points, as well as the levels to watch.
Unless ETH closes below $3010 in the next several days, there is nothing bearish in the picture.
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