Ethereum Breakout!!

14 בינו׳ 2022

Ethereum is looking pretty good on a 4HR timeframe we have formed a bullish flag and have since broken out on our current 4HR candle, this is a great sign of whats to potentially come and we could be looking at a continued run here to the upside! Another positive we saw was holding that 0.3 FIB level at 3200 aprx, as for resistance we are looking at 3337$ and 3400$, we had some trouble with the 3400 level at the top of our bullish flag but this time around we should have the momentum to drive right through! Looking at our bollinger bands we are currently above the midline which we closed over and is now support for us, looking at a potential climb to that top band where like you all know could trigger a further run to the upside, historically closing on the top band can trigger fast paced runs to the upside with big momentum, if this is the case for us i think we can easily breakthrough that 3464$ resistance level to start making the push for 3500$ and 3600$! Our RSI is looking very nice we are back up and above the midline and this is a very good sign overall for ethereum, if we can successfully hold above here we are going to be looking at another confirmed uptrend, we have to take out the Yellow SMA which is currently acting as resistance but getting above here adds another cushion of support for the RSI aswell as the midline! Now the Stoch RSI, we have came all the way down to the oversold zone and currently are making a fast reversal with our blue MA leading the charge creating separation from the orange, now thats exactly what we want to continue to see moving forward, making it more difficult to trigger a bearish reversal, could be looking at a bigger upside move coming up soon! Not financial advice just my opinion!