Sorry for the click-baity title 😅. This is going to be a really quick technical analysis of the ETH.
Lately, I have been watching the ETH/USD chart quite closely and the price movement in the past couple of days is resembling a previous move, of which, ETH rallied 110% over 40 days. I thought that I should document and share this observation here on Hive.
This is the price movement I am referring to,
ETH broke out from 3 crucial levels back then and began to rally 110% in 40 days. The 3 levels are the triangle in green, the yellow 21d SMA and the purple long term trendline. Just some background info, post 15 Feb, the coronavirus started to dominate US mainstream media and not long after, we had that epic bloodbath which brought ETH price to as low as $88.
We are seeing a very similar breakout pattern forming now,
Notice that the RSI is also very similar between the previous breakout and this potential one. The declining volume is a bit of a concern for me though.
Let's see if this breakout is going to happen, if it does, it will probably be happening in the next few days.
In case you are wondering, the purple trendline is drawn based on the monthly chart. When in doubt, I really zoom out 😆.
This is just my personal thought process and analysis. It should not be used as financial advice and everyone should do their own due diligence and research when investing their own money.
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