The recent rise in all crypto prices, especially that of Ethereum price, has everyone on the edge of their seat wondering what happens next.
In my future analysis articles I will cover all in details.
I have stated clearly that Ethereum and other crypto currencies are well on their way to “replicating the success” that they had in 2017.
This week, that hypothesis was proved once again as we experienced a >10% rise in Ethereum price.
However, this has many wondering if ETH is out of gas or if it still has room to run.
We’ll take a look at all of that and more in this analysis.
For this analysis, we are going to look at three different timeframes on the ETH chart while using a range of indicators that include volume, Bollinger bands, RSI, moving averages, and trend lines.
For this short-term analysis, we are going to look at the indicators that will help us to determine where ETH is headed in the coming hours and days.
To do this, we are going to look at a chart that uses 1-hour candles.
This chart, as you can see, is clearly very bullish.
This assumption is made on the pattern alone, which many will recognize as a powerful bull pennant.
In fact, as we create this chart, it appears as though ETH is breaking out right now and making another run at the $460-$470 level.
We expect this progress to continue for at least the next few hours and into the next couple of days.
For the medium-term view, we want to find out what is going to happen with ETH in the coming days and weeks.
For this purpose, we are going to use a chart that features 4-hour candles.
On this view, we are seeing a lot of the same bullish signs.
We are consistently forming higher lows and highs on this chart, and progress is stead.
We still see a bull pennant forming on this timeframe and RSI levels are not oversold as of yet.
This chart is bullish and we expect ETH to continue making gains.
What we all really want to know is what is going on in the long-term with ETH.
To find this out, we are going to use a chart that features 1-day candles so that we might find out what happens in the coming days and weeks.
On the long-term view, we are seeing that ETH is making great progress and proceeding as expected.
The next resistance is around the $490 level, where we have been stopped twice before.
With where the RSI is at currently, we expect ETH to consolidate before breaching this level.
We expect it to bounce briefly off this resistance, consolidate, and then shoot through it.
If we see a daily candle close above this line, price targets will exceed $1000.