ETH – Slowly going on.

24 Apr 2020

After a harami-cross, near the 21 ema and near the upward trendline, we could figure out ETH was going up (check my previous analysis for more details). Now, ETH is behaving similarly to BTC, and the price is “resting” for now, waiting the 21 ema get closer. Still, we need to see a candle closing above the U$ 191.22 for a clearer confirmation here, but the trend continues (slowly, but steady).

Also, we can use the 60 minutes timeframe for more clues. I think there’s a triangle there, and we already now the statics for triangles:
1 - Break even failure rate for up/down breakouts: 25%; 37%;
2 - Throwback/pullback rate: 62% (up breakout); 65% (down breakout).
So, it would be very interesting if ETH break this triangle up, and close above the U$ 191.22. But be aware of the pullback rate!

Either way, we see 3 supports here:
1 – U$ 176.82, previous top, now support (blue line);
2 – 21 ema (rising);
3 – The upward trendline (purple).

And the next resistance is U$ 213, a fib retracement and previous support (pink rectangle). Should this obstacle surpassed, ETH will seek the U$ 253 again.
I think this going to take a while, but that’s what the chart tells us.

Thank you and be safe.