If you were a member of our community, on August 29 you would have received this ETH road map above as part of the package.
ETH closed August with a very strong bullish candle meaning that we should see higher prices for at least one month. However, there are several early indications of a possible reversal. Let’s explore the hypothesis.
The July’s candle shifted the odds back to the bulls and the candle in August just confirmed this hypothesis. The price, though, went a bit far from the 8 EMA line and RSI is grossly overbought. But so far, everything looks bullish on the monthly chart.
This is a copy-paste from the weekly analysis on August 29:
“After the Three White Soldiers in previous weeks, another 3 weeks were spent resting. This is a classical formation and if ETH likes classic movements, it should resume the rally next week.
So far, no technical indicator suggests an immediate reversal. The price is still well above 8 EMA line.
The prolonged pause and the narrowing range also signal a possible triangle being developed. I’ll discuss it in the EW section.”
As of today, the weekly candle looks bullish, but it might change by the end of week, if we consider the possible movements that are discussed in the EW section.
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