Tradingshot
ETHEREUM getting ready for $10k. Last chance to buy?
LONG
Ethereum / U.S. Dollar (BITSTAMP:ETHUSD) 3578.17 62.08 1.77%
It has been a while since I looked into Ethereum but what a better time to look at it than now. Ever since the May high, the price has been trading inside a Triangle. This pattern resembles the June - November 2017 Triangle which was the last accumulation phase of the 2017 Cycle before a final parabolic rise that formed the market top just below the 4.382 Fibonacci extension .
The two fractals are identical. Both parabolic rallies initially started after a 1D Golden Cross (the MA50 crossing above the MA200 (blue and orange trend-lines respectively), that followed a market bottom (Fib extensions measured from that bottom). The Triangles are the last accumulation phase before the blow-off top. The LMACD sequences are also quite similar.
If the pattern plays out exactly as the 2017 fractal , then currently we may be on one of the last chances to buy before the parabolic rally towards the $10000 mark. The 4.382 Fib extension is a little below $17000.