Ethereum is about at the convergence of a consolidation wedge. The initial direction of travel was up, so traditionally, we can expect bullish pressure after consolidation.
The price target is the $1,165 level which was the high of the last bounce we are looking to break to start an up trend. In addition, this also corresponds with the length of the flag pole which actually could be much greater, giving us a higher high.
Volume peaks have had much more minimal effect, but $1,060 still remains a relevant level to break though and maintain closes above.
Longer charts are consolidating in a wedge pattern as well with a longer range and we're approaching convergence which I noted earlier was at $1,020. A break of this level would certainly spell a longer selloff and break to the downside. Personally, my stop loss will be much tighter than that.
My prediction is that within the next few bars on the 4-hr chart, we will see a break to the upside and have our confirmation.
The daily is showing huge potential for a significant breakout too. We are looking like we are seeing the bottom of a bear flag based on daily closes and we have seen bear volume significantly taper off.
Stochastic RSI is at the bottom and has crossed bullish and pointing all the way up which is the start up the upward stochastic momentum. These have typically been pretty reliable, but as always, it's just another indication for speculation. If we do see a daily breakout and we can shoot to the ATH and break it, we'd be looking at a price target of $1,681 by the middle of February or earlier.
My current stop is set at $1,050.05
thanks dude love ether
pls dude upvote here
https://steemit.com/introducemyself/@chidoziemike/hello-steemians-hope-you-are-enjoying-it-here
So far markets are trading sideways but I agree that the chart looks promising in general. I was fearing that EtherZero hardfork was pumping the price but ETH shows general strength.
Yea i got stopped out. Fine by me. Futures situation might create action too