Ethereum Might Spike Soon! [Detailed Update and Possible Continuation]

Ethereum Daily

The rejection at the 160$ resistance barrier brought us back to the 130$ levels. Currently we bounced off the 0.618 Fibonacci retracement and are looking again to cross the Ichimoku resistance cloud. The cloud contracted a lot and we actually could see it turn green again, for the first time since April 2018. There's also a shy growth in volume lately and no significant bearish divergence in the RSI or MACD. If we gain some momentum we might break the resistance in the next bullish movement. But mostly it depends on Bitcoin if it can surpass the 4200$ resistance.

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Bigger Time - Frame & Trend Lines

The yellow trend line, which acted as support a couple of times for us, turned since September in a resistance level. Notice the last rejection marked by the circle. There's also the less important dotted trend line , which could also act as a resistance level. This week or the next we'll probably stumble upon it and see how things go.

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Moving Averages

Ethereum had a bullish 55 day MA (blue) over 100 (red) cross before Bitcoin, which is quite unusual (square). At the moment, the 55 is slowly bouncing off the 100 and we're currently riding along the 21 day MA (yellow) and getting squeezed between the 21 and 15 (purple). Also notice the strong volume growth (calculated by coinmarketcap), which could be an early sign for a bullish movement.

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ETH/BTC

Currently forming an (almost) symmetrical triangle, we could either see a breakout or a breakdown. The MACD looks like it'll turn bullish again and together with the other aspects, I'd say a breakout is more probable -> ETH gaining value compared to BTC, not necessary $$!

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Possible (Bullish) Continuation

A nice and tasty continuation for ETH would be this CUP AND HANDLE formation pattern. If everything goes well, we'll see a breakout from this descending channel and revisit the 180$ area.

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