Ethereum tests 1k and holds – why this is important
I’ve had this post in draft and have been anxiously awaiting the moment when Ethereum hits 1k. This is a very important and exciting moment.
Because Ethereum (ETH) is the only ‘major’ above it’s zero-line 45-degree angle, it is the only coin that is officially into a bull phase and markup phase. If cryptocurrencies is the only thing you have ever traded or if you have only been trading for a few years, then when I say that all of the past price action of Ethereum isn’t even a bull phase will sound bizarre. In technical analysis, the movement from 0.001 to 1000 is really just a blip. It’s not important. It’s an accumulation phase. It didn’t matter. But now it does.
1. ETH has finally traded above and over and holding above the 1k mark. There is an extreme amount of support below us. Consider any movement or pull back below 1,000 to be a gift and a blessing.
2. This volume bar is one of the largest of the past 60 trading days. It is significant and indicative of institutional participation and support of this 1k level.
3. The oscillators are also in a major supportive area for a very bullish bias here. What we should pay attention to are the levels. They are not overbought. Again. They. Are. Not. Over. Bought. They are in median/neutral territory. What this means is that there is a strong bias for further movement up.
4. This price arc is now in our major support/max pullback region. Notice how price reacted as it approached that angle and how it respected that support line.
This is a very, very exciting time for Ethereum and cryptocurrencies in general. Ethereum is arguably the most important cryptocoin after Bitcoin (BTC) and it is currently leading the pack when it comes to real and honest trading behavior. What this means is that our laggards, Bitcoin and Litecoin (LTC), are sure to follow. This is a rare and once in a maybe once in a lifetime opportunity to get into an instrument right when it begins its actual life cycle.