Ethereum is in a fairly stable price channel, for now, but…
…can Bitcoin continue to drag Ethereum upwards?
The ETHBTC pair is not doing great at all, but it’s more a function of ETHUSD not going up at the same rate as BTCUSD, rather than ETHUSD selling off, which is encouraging. If ETHUSD continues to be pulled upwards by BTCUSD then USD/Fiat/Cash traders will follow the safe” high cap altcoins like ETH.
How is the price action looking?
Price consolidated in a triangle at the beginning of the year, broke upwards, retested the breakout, then resumed the upward trend in a fashion that has made a clear price channel.
The upside target would be near the upper limits of the channel where there is convergence with the horizontal price level/retail raid starting around $450. Downside will see price action traders rethinking their strategies if the price drops through any of the 3 small red horizontal lines on the right side of the chart.
All of 2019 has the StochRSI resolving at overbought each time it has left oversold. If that trend continues then the possibility of price reaching >$450 is high.