ETH/USD: Can Ethereum Do What Bitcoin Did in the Past?
In this analysis, I'll be taking a purely speculative approach by comparing Ethereum's current weekly chart to that of Bitcoin during 2013-2017.
I will be comparing the price action's fractals, and explore the similarities in what the indicators tell us as well.
Analysis
- To begin with, we can see that the overall structure looks very similar
- A rejection to break through all time high levels, and a long phase of accumulation below it
- The Ichimoku cloud also substantiates the similarities of these two fractals
- We can see that it took 245 days for Bitcoin to break the previous all time high after a golden cross formation
- The 60 Simple Moving Average (SMA), and 100 SMA have served as a confirming sign of reversal
- Ethereum is yet to break its all time high levels, but a break through the next big resistance within a similar time period is also highly likely
Conclusion
Based on the fractals demonstrated above, it could be argued that we could see a parabolic movement for Ethereum, given that it breaks all time high levels with strong momentum.
If you like this post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)
I will be comparing the price action's fractals, and explore the similarities in what the indicators tell us as well.
Analysis
- To begin with, we can see that the overall structure looks very similar
- A rejection to break through all time high levels, and a long phase of accumulation below it
- The Ichimoku cloud also substantiates the similarities of these two fractals
- We can see that it took 245 days for Bitcoin to break the previous all time high after a golden cross formation
- The 60 Simple Moving Average (SMA), and 100 SMA have served as a confirming sign of reversal
- Ethereum is yet to break its all time high levels, but a break through the next big resistance within a similar time period is also highly likely
Conclusion
Based on the fractals demonstrated above, it could be argued that we could see a parabolic movement for Ethereum, given that it breaks all time high levels with strong momentum.
If you like this post, please make sure to like, and follow for more quality content!
If you have any questions or comments, feel free to comment below! :)
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