Hello, dear members of LeoFinance!
Today, I would like to point out that the weekly price (1W) chart of Ethereum has formed a Hanging Man candlestick formation:
According to the Technical Analysis theory, this candlestick formation is viewed by many traders as a potential trend reversal signal.
However, I think that it is too early to talk about a trend reversal because there is no confirmation by a subsequent candlestick so far. Moreover, I think that the current Hanging Man has formed just because the price of Ethereum is testing the all-time high from 2017. That's why I consider the current candlestick to be just a consolidation.
To be continued ...
As of the time of writing, one Ethereum costs $1229,40 on BitFinex, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14,5 years, and as a cryptocurrency analyst for the last 3,5 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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