Ethereum will break 1k
Ethereum has decided to stay out of the doldrums of mediocrity and has found relevance again. The beginning of this new year has been very kind to Ethereum. Yesterday I talked about the three ‘majors’ being poised and ready for a breakout, and Ethereum has taken the lead as the most important and prominent leader of this rally.
Yesterday, I wrote this regarding Ethereums chart:
Speaking of all-time highs, Ethereum has made new all-time highs. What is fascinating about this move is the total abdication of the bears on this coin. We have had one attempt to push this coin lower and it was handily bought up. Look at where price is at. It is above and moving beyond the final resistance arc (the thin blue arc). Not only that, but we are more than likely going to re-enter the 45-degree angle! This kind of movement and momentum is extremely bullish.
The move into the 45-degree angle (green line) has happened and it showed a very, very bullish move on that crossing. We are officially in a new square and just awaiting a new swing high to appear before we draw our next line. There are a great many opportunities to re-enter a long position when it comes back down to the 45. The 1k handle is in sight and we are just coiling and consolidating before we blast through this area.
The 1k value area is significant. Not just because of the psychological level, but because it represents a brand new ‘zero line’, which means it is the strongest area of current support for this instrument. Traders who are trading the altcoin Ethereum pairs need to be very careful of their positions.
Just like instances of Bitcoin strength showing strong alt-coin weakness, Ethereum will have a much stronger effect on its pairs because of these new all-time high levels. Expect flights of capital from ETH pairs and even some BTC pairs this week.