Is Ether getting ready to extend a months-long uptrend?
The daily chart is saying “Bet.”
Here’s what I’m looking at on the daily time frame:
As you can see, Ether (ETH/USD) has been showing higher highs and higher lows since hitting bottom at the $1,080 mark back in November.
The pair even jumped above its ascending channel pattern in April and reached the $2,140 area before settling back down to its $1,800 levels.
Are we looking at a chance to jump in ETH/USD’s uptrend?
The pair is consolidating at the $1,800 psychological handle, which lines up with the mid-channel zone on the chart.
Not only that, but $1,800 is also pretty close to the daily chart’s 100 SMA as well as the 50% Fibonacci retracement of March and April’s upswing.
The cherry on top of this sweet setup is a lowkey bullish divergence on the daily time frame.
Buying at current levels would make for a good entry if you’re confident that ETH/USD will soon retest its previous highs above $2,000.
Not feeling like buying ETH or selling USD these days?
You can also wait for retest of lower pullback points like the bottom of the channel near the 61.8% Fib lines if you’d rather wait for more attractive levels to short ETH/USD.
Good luck and good trading this one!
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