• Ethereum (ETH/USD) is showing strong bullish momentum as mentioned last time. The angle of the uptrend has only accelerated recently (blue arrows). 

  • The gaps between the moving averages (MAs), the angle of the MAs, and the gap between price and the 21 emas all indicate a strong uptrend.

  • The 23.6% and 38.2% Fibonacci retracement levels remain key for the potential wave 4 (orange) pattern.

However, yesterday’s daily candlestick closed as a Doji which indicates indecision. Is this a first sign of a reversal? Let’s review.


Price charts and technical analysis

The ETH/USD uptrend seems too strong for a reversal to take place now:

  1. The gaps between the moving averages (MAs), the angle of the MAs, and the gap between price and the 21 emas all indicate a strong uptrend.

  2. The Doji daily candlestick indicates indecision and it is more likely to create a potential sideways pullback (grey arrow) or retracement (orange arrow) in the uptrend.

  3. The support zone (blue box) is likely a bouncing spot (blue box) for more upside (green arrows).

  4. Only a deeper retracement places the bullish outlook on hold (orange) or invalidates it (red circle).

On the 4 hour chart, price action made a bearish pullback to and bounce at the 23.6% Fibonacci retracement level:

  1. After completing a 5 wave pattern (blue) in wave 3 (orange), price action is probably building a wave 4 pullback (orange).

  2. The 23.6% and 38.2% Fibonacci retracement levels remain key for the potential wave 4 (orange) pattern.

  3. A bull flag pattern (grey arrows) could indicate a shallow pullback and uptrend continuation (blue arrow).

  4. A deeper pullback (orange arrows) will probably test the Fibonacci support levels.

  5. The targets of the uptrend are located at $4750, $5000, $5500.

  6. A break below the 50% Fib places the uptrend on hold (yellow button) whereas a deeper retracement invalidates it (red button).


The analysis has been done with the ecs.SWAT method and ebook.

Elite CurrenSea Training Program(s) should not be treated as a recommendation or a suggestion to buy or sell any security or the suitability of any investment strategy for Student. The purchase, sale, or advice regarding any security, other financial instrument or system can only be performed by a licensed Industry representative; such as, but not limited to a Broker/Dealer, Introducing Broker, FCM and/or Registered Investment Advisor. Neither Elite CurrenSea nor its representatives are licensed to make such advisements. Electronic active trading (trading) may put your capital at risk, hence all trading decisions are made at your own risk. Furthermore, trading may also involve a high volume & frequency of trading activity. Each trade generates a commission and the total daily commission on such a high volume of trading can be considerable. Trading accounts should be considered speculative in nature with the objective being to generate short-term profits. This activity may result in the loss of more than 100% of an investment, which is the sole responsibility of the client. Any trader should realise the operation of a margin account under various market conditions and review his or her investment objectives, financial resources and risk tolerances to determine whether margin trading is appropriate for them. The increased leverage which margin provides may heighten risk substantially, including the risk of loss in excess of 100% of an investment.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

SafeMoon looks to climb 20%

SafeMoon price shows a resurgence of bulls that have kept it from heading lower. Instead, SAFEMOON has ricocheted off the support level and might continue to rise if the buyers persist.

More SafeMoon News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

More Ethereum News

VeChain forms potential bottom, eyes 30% upswing

VeChain price retraces to a stable demand level as investors book profits after a minor upswing. VET will face an uphill battle with multiple swing highs to take out. Therefore, investors can expect this rally to be a slow run-up.

More VeChain News

Bitcoin goes through range of emotions, from legal tender to Chinese miners exodus

Bitcoin price rallied wildly on the news of it becoming legal tender in El Salvador, but China’s clampdown on miners was equally palpable. BTC seems to be taking a breather before its uptrend resumes.

More Bitcoin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast