Ethereum [ETH] Price on a Hyperwave to $360 or Short at Resistance? Traders View
Ethereum [ETH] along with Tezos and Chainlink, was the top few cryptocurrencies that closed positive for the month of February.
According to a report by Binance Futures, while Bitcoin and other top market cap cryptos yield negative returns in the month of February, ETH, LINK and XTZ continued their uptrend.
With the year-to-date rise in ETH at 69.77%, the traders are getting cautious of another bull run. Nevertheless, crypto bull runs have been higher in the past, and it looks like FOMO might set in soon.
Bullish Hyperwave
Crypto and derivatives trader, alias Sawcruhteez suggests that Ether might be rounding up for another leg up on a hyper-wave.
Veteran trader, Tyler Jenks, who passed away last year developed the system in 1979. The chart patterns on a hyperwave lead to extreme bulls and heavier corrections in the market.
According to the Sawcruteez, ETH is currently at the beginning of stage 2 of the wave. He also mentions that a break above $232 is the confirmation signal. However, it is continues to dive below $220, the trend-line would break.
$ETH at $232…don’t mind if I do 🙂 pic.twitter.com/Xyck92SjCQ
— Tyler D. Coates (@Sawcruhteez) March 5, 2020
Lower Time-Frame Resistances
Nevertheless, another prominent trader, alias TraderXO suggests that further corrections might be in order. He tweeted,
$ETHBTC IF (close below monthly && break of trendline)
ELSE
The monthly open of ETH/BTC on Binance is 0.02549 BTC. Currently, Ether is facing resistance from the 50-period EMA on the 4-hour chart. The parallel rance resistance is at $235. Moreover, if ETH continues to test the bottom of the channel, the bulls’ strength around support will be tested next.
The price of Ether [ETH] at 4: 00 hours UTC on 6th March 2020 is $239 and 0.02535 w.r.t. BTC. Lastly, as the bulls begin to rally in crypto markets again, a break of resistances to the upside could lead to new yearly highs ahead of halving. The closing in the next few days will be critical in establishing a short-trend.
Do you think the bulls are ready for another run or this rally is a bear trap? Please share your analysis with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
Published at Fri, 06 Mar 2020 04:09:58 +0000
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