Ethereum Tracking Report
We left off with ETH tapping our secondary upside price target of $170. At that time the weekly P.A. surpassed prior wicks leaving us with the overall sentiment that bullish momentum was just starting to heat up. With the spike into the $170 region communicating that a new Daily Higher-High had now formed, there was now a high probability chance that the market could now pull back before going any higher. The Daily chart above displays price as it slows down in order to decipher the next move.
After another intra-week push into the $188 price point, the market consolidates finding a close comfort zone around the grey highlighted area of $155. The weekly candles show indecision at this point in time (25th April) and it was hard to lock down a solid bias as to what lay ahead. You can see the clear price tests of that zone on the below Daily chart in which supported price and was a large factor in my make or break scenario with the bias being further upside into $212 the $220. A simple channel assisted me in a future price confluence point (blue lines).
The price was bullish and the only factor to suggest otherwise was that of a strong Daily closure below the $152 handle. A break of the highlighted area, derived from the weekly chart would allow the price to fly into further bullish territory. ETH dumps slightly but then picks up pace in a rapid manner with acceleration through the suggested zone. $182 was broken then momentum to the upside was full steam ahead. The price target of $220 was fulfilled on the 14th May. Perfection into a higher daily boundary following strong weekly closures.
Thank You. Shaun Lee.
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