Direct from the desk of Dane Williams,
exclusive to leofinance.io
Key Takeaways:
- Ethereum has ripped through the $3000 psychological resistance level.
- The bullish momentum in Ethereum looks even stronger than Bitcoin.
- How can you do anything but buy Ethereum in this market?
Before I get started on today's market analysis blog, I have a few quick housekeeping bits n' pieces to go over.
Did you notice that I've now changed the header colour when my daily market analysis turns from forex to crypto?
Blue for forex, pretty purple for crypto and orange for weekend posts promoting LeoFinance to those outside of our little Hive echo chamber.
Speaking of getting the word out, did you read Saturday's post showing outsiders one of the reasons we love our community so much?
I went over how to make money blogging without a domain on LeoFinance and would love to see more comments which add to the discussion.
Remember that every fresh take on the topic even in the comments section, adds to the piece's authority.
Hope to see you over there once you've read today's analysis :)
Ethereum Technical Analysis
Speaking of which, damn it feels good to be back and settled in my own lane.
I'll always be a trader at heart and writing these market analysis posts on LeoFinance certainly keeps the blood pumping.
While our very own LEO token has somewhat lost its peg to Ethereum as money flows out of wLEO and into bLEO, even if you're not day trading ETH/USD, you're still gaining some level of exposure just by being here.
But let's get into the technicals.
The last time we spoke about the coin on the blog, Ethereum had just ripped through resistance and was into the rarified air of what were all time highs at the time.
Click the link there for a refresher, but it was just before that US CGT driven FUD that saw the market pullback.
But look in crypto bull markets like the one we're firmly entrenched in, pullbacks never last long and this one was no different.
Just take a look at the points I've marked on the Ethereum daily chart below.
ETH/USD Daily:
Once again, not a single higher time frame support zone was broken in that pullback.
I say it a lot on this blog, but for me that means that any price action between zones may as well just be noise.
If a pullback can't even break a single support zone, then it's really not even a pullback at all.
The following Ethereum hourly chart shows just how clean price respected that previous daily resistance zone that had now flipped to support.
ETH/USD Hourly:
Just take a look at those wicks!
A perfect visual representation of the bulls soaking up the bears, before bending them over and fu...
Yep, you get the picture.
From there, you can see that price has just cleanly trended upward for the past week or so.
We're making new all time highs with every tick upward, but you can see that even psychological levels such as the $3000 level provided nothing for the sellers to cling onto and onward the bulls continue to march.
For now, I want us to just keep an eye on that possible short term zone at $2979.
If price pulls back and spikes into it, this could be the perfect place to reload longs and continue to ride the bullish wave on Ethereum higher.
Best of probabilities to you.
Why not leave a comment and share a chart of your own in the comments section below? All comments that add something to the discussion will be upvoted.
This daily market analysis blog is exclusive to leofinance.io.