monthly candle above the price of $404 could lead to a massive surge, suggests a simple technical signal. A cryptocurrency trader shared the chart of ETH’s macro price action below on August 8th, showing a technical indicator that denotes long-term trends and a pivotal level.
The last time the trend flipped positive was at the start of Ethereum’s price chart on Kraken, when ETH was literally a single-digit asset.
It’s hard to say what exactly Ethereum will do once (if) the technical trend flips long. However, it is important to point out that the same technical indicator for Bitcoin has managed to predict BTC’s macro price action rather well.
analyst noted that Ethereum’s price action looks as though it is about to break past $400. He cited a fractal analysis of May 2019:
Further corroborating the Ethereum bull case are the expectations of an influx of capital investment in ETH from institutional players.