Ethereum is pretty weak lately. Surprise surprise, Bitcoin is going nowhere lately neither. After we wrote Ethereum: Bearish Target Met, Is The Bullish Target Of 550 USD For 2020 Next? as well as Ethereum Now At A Giant Breakout Level we want to follow up on where Ethereum is heading. Is Ethereum a buy at current levels, a sell or neutral? We believe it is a BUY but want to see a few things happening before going all-in.
First of all, we stick to our projection that the crypto market will be decisive in the next week or so.
We wrote Bitcoin: Why August 28th, 2019 Is One Of The Few Crucial Days In 2019. Even though it might take a few more days it is clear that something is brewing in the crypto market. Bitcoin’s price chart hints at a big move coming.
Second, when it comes to Ethereum specifically we see a very interesting phenomenon. It fell back to its April 2019 breakout level. One might argue that Ethereum is weak because Bitcoin trades 2.5x above its April 2019 breakout point. While that might be true it really isn’t. Most altcoins, if not all of them, are in the same spot.
We did write about this extensively in one of our latest cryptocurrency investing service, get instant access to these insights (and much more) by becoming a member of the first blockchain & cryptocurrency investing research service in the world.
Third, when it comes to the dominant trend and chart pattern, we believe this is a major breakout test ongoing. There is lots of support around current levels. Provided support holds, which is a major IF, Ethereum will set up for a major move in the following 6 to 9 months, most likely to 550 USD.
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