We can't disagree ETH has been making some great price actions movements. But will this bullishness continue?
First thing we can chalk up is the amazing respect between ETH and technical analysis. We once again hit our measured move target of $251, as stated in my previous ETH blogs, and is currently using that area as strong resistance. This area was once key support as shown before we broke down out of the symmetrical triangle and in areas earlier in time. This is exactly why charting is more useful than the fundamentals. If you look at my previous posts, all of Ethereum price movements have been spot on. ETH has definitely made it easy because of its tremendous respect to the TA aspect of it so its not like most traders didn't see this coming anyway.
So, what now?
Very simple, push through this area and we are primed up for another major move up. When your in bearish markets, you don't break resistances and when your in bullish markets, you break them. Very easy. So the ball is in ETH's court right now. We are forming some consolidation at the moment. You could even say its a bull flag and that would be completely legitimate considering how prices has been moving. For me its hard to say whether this consolidation will lead to higher price movements or not because its still early on. What I can say is that we are spiking buying volume with not much selling which is always good to see when we run up. A lot of people are holding their positions. Like I said though, we need to break this $250 area with candle closes and good volume. If we continue to struggle to push through resistances then this run will come to an end.
Another red flag would be if we continue to push higher with little volume then our next update we might paint a rising wedge pattern which is bearish. We don't fit the criteria yet, but its close so be careful. Also to note, we are working a little higher at the moment but showing significantly less positive momentum so we might have to come down a bit to gear us up for another move because any move higher from here would give us severe bearish divergence.
It's been a good couple of weeks for ETH. Lets hope we can break these critical areas of resistance to open the gates to much greater prices.
Good luck!