Hello ladies and gentleman, before I begin to build my case for Ethereum testing the $300 level, here's the link to my last prediction 2 weeks ago and chart before the big wave up.
Follow me on TradingView as well if you're a member there. I keep most of my charts private, but have been posting a few ideas, I plan to post them here as well from now on.
Anyways, back to the subject at hand... Ethereum testing the next major resistance of $300.
Here's a chart I made the other day showing reversal of trend.
We completed 12345 phases and ABC corrective phases of Elliott Wave Theory. Plus there's a big dragonfly doji which indicates a trend reversal. After this reversal, the first real resistance was at $200 (a key psychological level).
Additionally, May 31st could be an interesting date to watch as one of the biggest Chinese exchanges (Huobi) will began trading Ethereum.
Also the parent company of the biggest forex trading platform in the world is launching their cryptocurrency trading platform that day. Their forex platform in Japan sees an average monthly trading volume of about $900 billion. They will start with only Bitcoin trading, and will add Ethereum shortly after.
Following the Huobi announcement to begin trading Ethereum, another one of the top 3 Chinese exchanges (OkCoin) announced they will begin trading this week on June 1st.
In past 24 hrs, $1.3B worth of ETH traded. Only ~5% of that was in China. This could change quickly.
Currently there's one Chinese exchange, CHBTC, that allows ETH trading. I'm not very familiar with their exchange, but I know they're not as well known as Huobi or OkCoin.
Keep in mind, when South Korea begin trading ETH, there was a massive demand (and still is)! South Korea was never really a big player in the Crypto space until earlier this year. After adding ETH trading to exchanges, they now have 2 of top 3 and 3 of top 10 exchanges in the world volume wise.
The Asian countries really love Ethereum. China could FOMO very strong this week . Two of most popular and reputable exchanges who account for over $150m daily volume combined will now list it (maybe out of fear of missing out on volume and market share). These volumes will most likely increase to $100m+ each daily when ETH is listed.
I also think with the forex guys and other investors coming back from holiday weekend will now FOMO again and possibly buy back higher than they sold for last week when we saw a massive outflow of money. Many traders and investors cashed out for the weekend to take a break and spend time with family & friends.
The fundamentals are incredibly strong with surging demand. There are so many projects being developed on the Ethereum platform and there will be an equally large group of companies joining the Enterprise Ethereum Alliance in June also.
Here's my latest updated chart and projection of the next real resistance level for this wave up. Seems like $310 would be the first real resistance on this wave upwards. This does seem crazy since we were sub $100 not long ago, but I had a feeling it would accelerate once we surpassed that first key psychological level of 3 digits.
Now $500 ETH in 2017 doesn't seem out of the question at all.
To the moon we go!
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ETH: 0x1e90a5048eaabf3787d7b47e76412701e8f3bf90
LTC: LaDRTVWR7FFSAyi2Vpc4nwpZUyRJzcPWX7
BTC: 19tUbuSEpybKUWRBgRx511Vn4jRda9LN8t
P.S. If you have any questions or if there are any other coins you would like me to cover, let me know in the comments below.
- META
I expect Ethereum to have one or two big drops until it reaches 300$. It will probably be on the first place when it comes to market cap.
Time will tell, I'm expecting $300 in June with ease. I don't see much real resistance until about $300. (Just as not much resistance from $100 until $200).
Now I see that you are probably right. ETH is now 240$ ;)
Check the new update in comments :)
Looks like this has now come to fruition
Looks like I underestimated the strength of the resistance at the $232 level.
As you can see the level I had mentioned in the chart in first post did hold up. I think wave 5 will take us to about $300 in the next week or so and then we will see another correction from there.
Looks good so far, we need to power through the resistance at $232 and then the sky is clear until $300-$310 range
Disclaimer: I am just a bot trying to be helpful.
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