Ethereum Price Consolidating as it Establishes New Support

LeoFinance
5 days ago
1 Min Read
258 Words

Ethereum saw price make a new high the other day, taking out the prior all time high of 2,041.

Since then we have seen price digest that move higher and even test that prior high on an intraday basis.

Is this the new support....

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Push and consolidate...

I will admit, I love when I see an nice rally in price and then a consolidation to digest those gains. Especially when that consolidation stays up in the top third of the move that occurred. That is what I call, high and tight!

Seeing that type of price action is usually bullish, and with ETH basically looking high and tight at the moment I will use this 2K level as the new downside support.

Price has essentially leveled up into a a new range after floating in that $1,500 to $2k range the past couple months.

The test of this "new bottom" yesterday is encouraging. There is clear real estate to the upside with no prior tops to contend with. Loose guess for an upside target would be taking the prior range and stacking it on top of 2K.

So figure 400 to 500 points possibly. Again, this assumes price continues to hold 2K and rallies.

We shall see in time, but it does look like alt coins are pushing to new highs while BTC consolidates, which tends to happen in second legs of bull markets.

Let's hope this one lasts longer than 2018 alt highs though. Come on Q2, kick some butt.

Posted Using LeoFinance Beta