Ethereum Is A Buy, Buy, Buy
The crypto market has been in a consolidation over the past month or so that, quite frankly, starting to outlive its welcome. Coins like Bitcoin and Ethereum corrected from their freshly set highs only to languish along support waiting for …. something. Well, I don’t know if that something has happened or not, I don’t see anything major in the news, but the markets are on the move again. The difference between now and past times the market has move is this; Ethereum is in the lead.
Ethereum popped more than 7.0% today to form a candle that engulfs the past month of trading. the candle is long and green, a solid and strong Marabuzo, and it confirms support at the $230 level. Support at the $230 level is probably strong, evidently by the candle, because it is former resistance and consistent with the 30-day EMA. Now that price action is moving higher it is safe to assume this level won’t be tested again. I think that ship has sailed.
The indicators are what really gets me excited with this chart. Stochastic and MACD are both consistent with support at this level, showing a series of higher lows the way they are. MACD is still lagging the stochastic in terms of the strong signal, stochastic is firing a strong crossover right now and MACD is isnt’, but that will change soon. MACD is set to fire it’s own crossover, all it needs is price action to move a little higher over the coming days.
There may be some resistance at the $250 level but I don’t think it will be strong, not anymore, the market has been chipping away at it for some time now. Once price action moves above $250 it’ll be game on again, ETH/USD will begin to move higher and may hit $260 and $280 within a few weeks at most. Why? Because the ETH 2.0 upgrade is at hand and, unless they don’t launch it, it’s going to drive ETH to new highs.