The Ethereum bull market is set to resume. Why do we think so? Very simple, cryptocurrencies in general have stopped their sell off right at secular support levels, and, Ethereum in particular, is doing so in a textbook fashion.
The daily price chart of Ethereum embedded below makes the point. In the last 12 months we have seen two very important advancements:
- From March 2017 till September 2017
- From November 2017 till January 2018
Note how two major peaks were set during period (1), both at the $390 price level making it secular resistance.
Note as well how the during period (2) the $390 resistance level got crushed though it took some time. The pattern of higher lows was suggesting it would happen, and we wrote about this extensively here, here and here.
There is one fundamentally important principle that applies to any market: when former resistance turns into support you have a confirmation that prices go higher.
Indeed, it’ is that simple, it only requires monitoring markets from a chart perspective in a disciplined way. We do not use news as a reference; as you can see not any news items is the basis for our forecast.
The way the cryptocurrency universe works, behaves, and, particularly, Ethereum’s chart, is the only basis for our forecast.
We are convinced crypto investors can become more agressive now.
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