Is It Bullish?
Earlier today Elon Musk made a one word tweet that read “Ethereum”. This isn’t the first time Elon has made a crypto related tweet.
The last coin that Elon Musk tweeted about was Dogecoin, shortly after that it made a 69% move to the upside. I’m not saying that Elon singly handed pumped Dogecoin, but I think he did have an influence.
At the time of writing this post ETH currently sits at $167. So compared to Litecoin & Bitcoin it’s lagging behind price wise. There’s a pattern playing out with ETH similarly to what Bitcoin was showing before it pumped 20%. So I’m expecting a rally in price for Ethereum as it’s showing us a couple of hints.
- Ascending Triangle .
- Supported by Moving Averages.
- Bull Flag Formation.
- Elon Musk Tweet.
The only thing missing is volume but that could show up at any time.
How High Can Ethereum Go?
I’ve currently identified 3 potential targets that we could hit.
- Target 1: There’s some clear resistance there and we can expect some sort of pull back unless the volume is strong
- Target 2: This is as high as I think we’ll go if we can blow past T1 with volume.
- Target 3: The least likely out all of the targets but it’s in the cards.
It’s impossible to time this out but I’m going off of what has happened historically when I say I expect these moves to happen before the beginning of June. Ofcourse the market can always do what it wants and we have to deal with what it gives us.
Other than holding ETH & NEO, I’ve gone completely flat after the recent news concerning Tether. The risk is too high for me to justify holding Bitcoin, while I think that it still has a little bit more room to run I’d rather have my peace of mind and the ability to buy cheaper BTC when the time comes.
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