Ethereum recently peaked at $3900. And allthough this is not a new ATH (close by a few hundred dollars), it is a local high for the year.
My last update was on an inverse Head and Shoulders pattern on ETH, which has since increased over 50%:
(The original idea here:)
The question now, is what's next for ETH - further increase, or are the increases over for the near term and is a correction more likely?
I'm going to say that the increases for ETH are over for now. This is because we correction is most definitely due after such a large increase in a fairly short timeframe. I'm not saying we're heading into a full out bearish cycle, but a 20-25% correction would be most normal at this point.
Additionally, XRP has also made it's peak and lost the high, now trading just under $3. This is a strong sign that the alts have likely already rallied, since XRP used to be the last to increase (if it increased at all, historically. (Thanks Jedd).
I was very lucky to call that top here:
Either way, buyers may use this correction to scoop up on smaller alts over the next few weeks. This ultimately depends on whether the market has ONE MORE pump, and if the correction will bounce back from a 20-25% pullback.
_________________
ETHUSDT
My last update was on an inverse Head and Shoulders pattern on ETH, which has since increased over 50%:
(The original idea here:)
The question now, is what's next for ETH - further increase, or are the increases over for the near term and is a correction more likely?
I'm going to say that the increases for ETH are over for now. This is because we correction is most definitely due after such a large increase in a fairly short timeframe. I'm not saying we're heading into a full out bearish cycle, but a 20-25% correction would be most normal at this point.
Additionally, XRP has also made it's peak and lost the high, now trading just under $3. This is a strong sign that the alts have likely already rallied, since XRP used to be the last to increase (if it increased at all, historically. (Thanks Jedd).
I was very lucky to call that top here:
Either way, buyers may use this correction to scoop up on smaller alts over the next few weeks. This ultimately depends on whether the market has ONE MORE pump, and if the correction will bounce back from a 20-25% pullback.
_________________
ETHUSDT 
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Discord Server
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
discord.gg/xHJRka3
Cryptocheck Website
thecryptocheck.com
SoftQuant Website
softquant.io
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.