Ethereum is an open-source cryptocurrency created by Vitalik Buterin, Garvin Wood, and Joseph Lubin. Launched in 2015, it is currently the second largest cryptocurrency in terms of market capitalization.
Ethereum has broken two-year downtrend and gained 68% against Bitcoin since January this year.
As you see in the weekly chart below, ETH made its bottom around 0,016 BTC and then tested it again and made double bottom formation. As you know, double bottom formations are trend revelsal bullish. And then ETH broke out of two year downtrend. The price has risen until its previous support level of 0,0026450 BTC levels and now this region becomes support. This bull run may continue until 0,038750 BTC levels. This level actually corresponds to the previous support levels and its hight of the double bottom formation. (see the chart below.)
However, prices can not go parabolic forever. At some point, it needs to retrace. This is good for a healthy bull run. And this retracement provides us good entry points.
In order to enter a safe trade, we need to find a proper retracement level. Fib levels are useful for possible support and resistance levels.
The Fib retracement levels are 23.6% (0,025692), 38.2%(0,023980), 50%(0,022681), 61.8% (0,021382) and 78.6%(0,019315). As the price pull back, it will find support at one of those Fibonacci retracement levels because most of the traders will be placing buy orders at these levels
Morever, the highest point of double bottom formation (red line below) is now support and this level corresponds to 50% Fib level. This 0,022-0,023 levels may provide safe entry price levels.
This analysis is based on trendlines and Fib levels. It is always good to confirm it with other filters and indicators before putting on a trade.
Thanks for reading. I hope you’ve found it helpful.
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