ETHEREUM Blue Sky Breakout For New All Time High
Ethereum makes news again as we see a new higher high, after breaking the $1,400 resistance. Many analysts have indicated this is a target resistance level for Ethereum, so breaking this level is definitely a great thing for price action.
One thing to note is that we have seen a third higher high with lower RSI on the 4-hr. In addition, we are looking to complete the 5th leg up on the Elliot waves before starting a 3-leg down.
We're also seeing the 9th consecutive green candle for ETH, so we will be expecting reds to show up at some point.
Volumes seem to be constant and decent, although not increasing or decreasing.
Overall trend line is still up, and immediate support is at $1,360.
No major tested resistance from blue sky breakout, but order book is showing plenty of sell orders between $1,420 and $1,430 so I'd expect we will top out around there before pulling back and consolidating.
The 0.15 BTC resistance level is the one to watch. If it breaks this, then it'll give Bitcoin and run for 1st place. This will take time though.
BTC is bound to lose #1 this year. That is one of my 2018 predictions for the crypto space.
Totally with you on this. ETH got close last June, I feel like the 0.15 BTC resistance level may take until spring to break however, as BTC isn't looking as weak as people think at the moment, there's just a lot of FUD that's likely to go away any day now.
As for sustaining dethroning BTC, I think this could take until summer, as even with reaching 0.15 BTC in the short-term, if Bitcoin continues to trade sideways, ETH would have to reach 0.2 BTC to take 1st place. Whereas I think BTC will reach $25-30k by summer, as sideways trading for this long is very unlikely.
Not forgetting a continued market correction would likely knock ETH back against BTC, as I don't think it has the strength to break from the pack quite yet.
But yes I agree, it will happen this year, I'm 95% sure about this.
I am waiting for Bitcoin breakout because I've invested when it was all time high. I was expecting it to cross 20000 USD but it dropped. I hope it create new records in Jan of 2018. What do you think @exxodus?
I'm not sure how much you have invested, but personally I'd cut losses and move my $$ into a coin that has the momentum where there's new opportunity. That's also trader mentality. I don't want my funds locked up and to miss out. If you plan on long term holding, then you're probably fine just sitting on it anyway. BTC was so far extended on the run up to $20k. Personally I'm not that much a fan of it right now. It does seem to be consolidating and making higher highs and higher lows though.
Wow wow!! Happy investor, bank roll.
It's crazy this morning! :)
Defnitely!! Won't last forever though.