Is Ethereum Primed for a Big Move Higher? Compelling Technical Update to Read NOW!
Conspicuously, most major cryptocurrency and blockchain assets, including altcoins like Steem, are charging higher on a concerted mission to recover their June highs. However, one cryptocurrency has yet to hit its stride -- ethereum.
Don't get me wrong: ethereum enjoyed a massive surge since hitting the $160 low (and probably bottom). But this is a blockchain asset that once secured the $400 mark. Among the major cryptocurrency coins, ethereum has the most work to do.
That shouldn't discourage those investing in the number two blockchain asset, though. Here are two metrics to which you must pay attention:
Trading Variance
Since June 1, the variance between session highs and the close averages 5.4%. That's a pretty hefty variance, which suggests that traders are generally more shaky with ethereum as compared to bitcoin.
The "purple cryptocurrency" got quite volatile in the middle portion of July, with variance shooting up to double-digits. However, over the last three sessions, the ethereum trading variance hit 4%. That is indicative of bullish investors regaining control of this market.
Technical Bullishness
Since hitting a likely bottom on July 16, ethereum has charted what could be a bullish pennant formation. If so, ethereum is primed to become one of the most explosively-moving coin within the major blockchain markets.
The risk is that without additional trading support, the pennant could turn into a bearish pennant; caution is advised here.
Nice technical analysis. It is amazing how much Ethereum has grown. I got in back when it was only $10. I am not much of a trader... just buying and holding and doing quite well. From a fundamental analysis point of view, Ethereum is way undervalued given its potential to decentralize and disrupt the world's industries. At this point, I am not sure how EOS will come into play in terms of Ethereum's long-term potential. So I might get some of that soon to spread the risk. In any case, now is a good time to buy Ethereum and other cryptocurrencies.
BTC 33%
ETH 33%
LTC 33%
Franks "thirds rule strategy"
Resteem...
Actually, the thirds rule strategy is an ancient Chinese strategy, which Sun Tzu cited in his works. I'm not sure if there were many Franks in ancient China.
This sounds a tad bit suspicious to me...I must report your comment to @uruiamibutyouaredefinitelynotchinese! :)
Lol, how is that guy BTW?
Haven't seen him around lately...
:D
I haven't seen him around, either...especially after someone called bull on his bull, LOL! :)
I like your charts -- they're very easy to read and they provide great information (besides the usual price movements, which you can get anywhere)!
Steemit content lacks originality! :)
Yep, that is definitely true!! I wish here were more new and original contents...new thoughts and ideas...even art lacks originality here.... everybody draw the same shit...
I hope it goes higher, but not until later in the week, I can't buy any for a couple days, want it to stay low just for me, then shoot up once I buy. Wishing I would've bought more at 155 last week.
I'm not sure if it works like that, but best of luck!
It'd be nice if it did...Oh, to dream.
Hahaha! Funny comments.....