Ethereum In Up Trend
Ethereum has been having a great month since hitting it's low at $130 in the middle of July.
Things seem on the up and up for ETH right now as all charts are showing a nice steady linear uptrend.
Current upper resistance is sitting at $365, while lower support sits at $323.
This is the first time though since the previous ATH that the longer chart technical indicators are showing overbought. Because we're not in a blue sky breakout setting a new ATH, these levels are a little bit more meaningful.
Currently, it looks as if ETH will have a consolidation period around this $340-350 level before any climb can resume.
All volumes have been slowing down though and are drastically lower compared to the first rally and ATH, so that's further indication that caution should be had by anyone pushing forward. Overall market interest has drastically decreased and is going lower as indicated by internet search interest.
Overall, I still feel we will see a push to a new ATH before entering a prolonged inevitable crypto bear market.
Thoughts?
I think the cryptocurreny space is way too volatile to try and predict what is going to happen. The ETH move from $130 to today at $342.00 is an incredible move in a two month span and not something I want to count on or expect. It can fall just as easy as it can rise. That said - the future is in the crypto's and block chain so I have dipped a toe in with Bitcoin, Ethereum and Litecoin. Just a portion to have exposure and ride the wave of the upward trend. White knuckles and all!
It was actually only a little over 1 month! Yea, everything is definitely way too volatile. I am predicting a big big long pullback and bear market to basically repeat what we saw in 2014-2015. Whole space is way too over-hyped and greedy and this parabolic movement can't sustain.
My thought is that you are correct. A consolidation after a run up is now and healthy. ETH needs a breather. I foresee it breaking out after this channeling period (to the upside). The long term trend is up and there is no reason why it should change.
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