ETH closed today with one more bullish candle, further increasing the odds of a bullish weekly closure tomorrow and of an attempt to ATH. This possibility was discussed recently in the long term forecast, that can be viewed by everyone here:
This daily overview contains:
– daily and weekly candle charts – analysis of candles and technical events;
– weekly EW chart and an updated long term forecast;
– short term EW chart and targets.
Today’s candle was bullish and the price moved back above 20 EMA. The coin is likely taking a pause for 2-3 days before resuming the rally. Several indicators support a continued move upwards.
ETH is very close to closing this week with a bullish candle, forming a Piercing Line or a bullish Engulfing. A closure above $4146 would set the odds strong bullish. The other closures would need to be evaluated.
No change to the long term forecast.
The short term projection has not changed either.
The main hypothesis is that ETH is working on an Ending Diagonal for wave V, targeting $4900-5200 area.
ETH is expected to continue its move upwards with a good chance to confirm the reversal/rally by the weekly candle on Sunday.
Possible mid-term targets: $4900-5200.
A $10 USD monthly subscription gets you access to the monthly and weekly analyses, mid and long term forecasts for cryptocurrencies, major US and some world indices, volatility index and DXY, precious metals and miners, commodities, popular stocks and more. There is no free trial. For $10 USD you can evaluate the service for a month and discontinue the subscription at any time.
$SPX, DJIA, NDX – Road Maps (no subscription):
VIX Weekly Analysis:
DXY Weekly Analysis:
NatGas Long Term Forecast (no subscription):