In his words:
“If you ask “why?” $405 represents the cleanest set up with the best stopping point for me to believe that the correction is over and the uptrend resumes. It’s simply the line in the sand for my set ups, below, short favoured, above, we resume upside movement. Good movement on $ETH right up into $405. Somewhere around here is the major decision point for me.”
He did note, however, the other altcoins are looking relatively strong compared to Ethereum. This may suggest that altcoins are poised to undergo another leg higher rather than reversing lower:
“The only other thought I have is that the rest of the market (alts) look in great shape and many have completed S/R flips over the course of the night and morning. Perhaps $ETH will show the strength, but that’s what stops are for hey?”
Bitcoin is likely to decide ETH’s fate in the near term, though.
Fortunately for Ethereum bulls, the leading cryptocurrency is poised to move higher. One analyst shared the chart below just a day ago, noting that there are three signs showing that BTC will move higher after the $1,000 correction: the “buy 9” as per the Tom Demark Sequential, a bullish crossover in the Stoch RSI, and an uptrending MACD.
There are also other fundamental trends, like Fidelity Investments’ Bitcoin fund and ongoing money printing, set to bring BTC and Ethereum higher.
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