ETH closed August with a very strong bullish candle meaning that we should see higher prices for at least one month. So far, ETH obeyed and I think that the targets now are very clear. Let’s explore the details.
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. Expect higher prices in September, but it does not mean that ETH would close with a green monthly candle.
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.”
This week closed with a strong Maribozu candle that signals further advance. However, there is a good chance that the coin takes a pause before resuming the rally.
Indicators support a continued move upwards.
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