ETH bullish signal. Market back to long term uptrend
Ethereum experienced rapid growth over the past year.
At the beginning of 2017
ETHUSD
went to very high levels in a very fast manner. This rate of growth was unsustainable. Due to this explosive rise, in the following months the market slowed down, experienced pullbacks and continuously retested the ≈$400 resistance zone.
In the end of November the price finally broke the $400 resistance level and continued up. This finished the ascending triangle bullish formation and brought the price back to its long term trend, marked by the green lines.
We can expect the price to follow the green uptrend in the following months and follow the total cryptocurrency market cap trend.
Once the cryptocurrency market corrects as a whole, we can expect a change to a bearish trend.
At the beginning of 2017
ETHUSD
went to very high levels in a very fast manner. This rate of growth was unsustainable. Due to this explosive rise, in the following months the market slowed down, experienced pullbacks and continuously retested the ≈$400 resistance zone. In the end of November the price finally broke the $400 resistance level and continued up. This finished the ascending triangle bullish formation and brought the price back to its long term trend, marked by the green lines.
We can expect the price to follow the green uptrend in the following months and follow the total cryptocurrency market cap trend.
Once the cryptocurrency market corrects as a whole, we can expect a change to a bearish trend.