Ethereum breaking down or out of the rising hedge?
Good evening friends, today we are going to look at Ethereum and the special moment we are in right now!
Ethereum keeps breaking ATH after ATH without almost zero resistance. Ethereum has held this rising wedge pattern solidly since November 2020 until now, it has also kept it price close to the 18 EMA but not with the 40 EMA as much I would personally like. At this point it has a lot of momentum and great volume. Today we are almost seeing a red candle on the daily chart since the initial pump. This isn't any confirmation on a correction but could be a great indication to maybe start looking for one and watch closely the next coming days. Big FUD investors who bought in late might also close they're positions. Another thing we can see is that Ethereum's pump has almost gone parabolic with the exception of a few minor pullbacks at the first breakout out of 3000$, that tells us usually that it is over-extended. A parabolic trend is often a sign of a bigger correction than those before, as they say the higher it goes the harder it's going to fall. The 20-80 stoch RSI has reached a top and is looking to go downwards on the daily time frame.
Lastly, what do you guys think? Leave comments down below and tell me your opinions! I'm always looking for input on how to get better so if I did anything wrong please let me know!
Thank you for reading!
REMEMBER TO ALWAYS TRADE AT YOUR OWN RISK AND I AM NO FINANCIAL ADVISOR.
Ethereum keeps breaking ATH after ATH without almost zero resistance. Ethereum has held this rising wedge pattern solidly since November 2020 until now, it has also kept it price close to the 18 EMA but not with the 40 EMA as much I would personally like. At this point it has a lot of momentum and great volume. Today we are almost seeing a red candle on the daily chart since the initial pump. This isn't any confirmation on a correction but could be a great indication to maybe start looking for one and watch closely the next coming days. Big FUD investors who bought in late might also close they're positions. Another thing we can see is that Ethereum's pump has almost gone parabolic with the exception of a few minor pullbacks at the first breakout out of 3000$, that tells us usually that it is over-extended. A parabolic trend is often a sign of a bigger correction than those before, as they say the higher it goes the harder it's going to fall. The 20-80 stoch RSI has reached a top and is looking to go downwards on the daily time frame.
Lastly, what do you guys think? Leave comments down below and tell me your opinions! I'm always looking for input on how to get better so if I did anything wrong please let me know!
Thank you for reading!
REMEMBER TO ALWAYS TRADE AT YOUR OWN RISK AND I AM NO FINANCIAL ADVISOR.
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