Ethereum Clocks New High, Immediately Turns Back Down - Price Strength Analysis

There you have it folks, Ethereum price put in a new all time high just 6 days after discussing how it was battle the 2nd highest top.

However, those new highs were short lived as profit taking immediately ensued taking price back below the $1400 level.

What are we seeing now...

Strength may still be in the air....

Looking at the chart you will see all the black horizontal lines, which are support and resistances points from prior price action, some of which can into play on this move, such as the 1375 area.

When it comes to it ETH price holding above 1200 in the near term is key in my opinion as continued higher lows and higher highs is what makes an uptrend.

This last spike up did put in a higher high, however brief so we essentially have a bit of a ascending channel forming.

In order for that to stay intact price needs to remain above 1200 and then rally to 1500+ on the next move higher.

Either way, the failure to follow through after making a new all time high isn't really a failure at all. Price action is still bullish.

This holds true as long as we remain above 1200 and then especially 1100, breaking below there would mark a lower low for the first time since, well September. Oh no, maybe we are due for a pullback ;-p

Posted Using LeoFinance ^Beta