๐ Daily TA: Ethereum (ETH/USD) | 06-12-2021
Hodl, dear members of LeoFinance!
Today, I would like to outline something very interesting on the price chart of Ethereum because the chart of ETH/USD seems to be relatively strong while most other major cryptocurrencies are still under bearish pressure.
In the weekly chart (1W), after the Long-Legged Doji, ETH/USD posted another Long-Legged Doji that is much bigger than the first one: The sequence of these two Dojis implies that the bears and the bulls are still fighting fiercely without a clear signal of which group is dominating the market. Interestingly, if we have a look at the charts of the other major cryptos, most of them recorded a bearish candlestick last week. That's why I would say that Ethereum looks strong! There is a lot of bullish support, and if the bearish market sentiment disappears, it seems that Ethereum will be among the cryptos that will resume easily the uptrend. Moreover, the current weekly candlestick, at the moment, is a bullish one resembling a Hammer. It means that the bulls are trying to regain control over the market. But, we are at the very beginning of the current week, and this candlestick may change. That's why let's wait and see what happens till the end of the week.
Next, let me remind you that, in the weekly chart (1W) and, even, the daily chart (1D) chart of ETH/USD, we've been following the Cup and Handle (C&H) technical pattern - a common bullish formation: As can be seen from the chart, after the All-Time HIVE (sorry, the All-Time High, or ATH) a price pullback took place. Now, the price is consolidating at the upper line of the C&H. So, if the price receives enough support at that horizontal line and rebounds then a buy signal may occur. This signal will occur only if the price surpasses the last local high, namely, the ATH. If this happens I will probably open a long trad. So, stay tuned!
To be continued ...
As of the time of writing, one ETH costs $4344,10 on the Bitstamp crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
Check @crypto-guides to learn about the essentials of the major cryptocurrencies.
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