Will ETH (Ethereum) Price Rise | (35% reward of this post will go to Project Hope)

Hello and welcome to another episode of TA (Technical Analysis)

I have been tracking Bitcoin for some time now and noticed that it has been showing a negative sentiment in the last few days. Optimistic investors may still see it as strongly bullish but I am talking purely based on price action analysis, so anyway, today I thought of taking a look at the chart of Ethereum as both of these and many other cryptocurrencies to some extent follow a similar chart.

Above you are seeing the weekly chart of ETH on which you can see a slow trendline from its All Time High from where the price faced rejection twice in this year and then recently after the US elections we also saw a breakout in it, after which almost everyone expected that by continuing this move, we will soon see a new All Time High in it. But right after that breakout candle, we saw a hanging man candle on the chart, which is technically a hint of reversal in an uptrend and let me tell you that even if you do analysis using dozens of indicators, candlestick analysis has its own significance, so these signals influence the trading decisions to a great extent, which you can guess from the fact that sellers remained in the dominating position in this crypto throughout this week.

In the above chart on 1 day time frame we can see the price action from November till now where after the uptrend that started in November, the first top was formed by the breakout candle in the first week of December, followed by a slight pullback by the hanging man candle and then a failed attempt to continue the upmove by this week’s candle, after which a double top like pattern was formed on the chart whose neckline also got broken to the downside 3 days ago.

Now after knowing all these factors, I think that a slight price correction can be seen from here, so obviously this is not the right time for fresh buying in these cryptos, especially if you are a short-term investor. I myself am going to start investing in ETH soon and even if the price builds support here and continues the uptrend, there will be no regrets because buying a little expensive is acceptable but buying a weak one is not.

35% of the rewards of this post will go to Project Hope (@ph-fund).