POSSIBLE ETHEREUM TRADING SCENARIO. IS A BREAKOUT PENDING?

Coin Telegraph

GOOD AFTERNOON STEEMIT!

I had this to say on Ethereum yesterday:

This Bitcoin Cash run is ridiculous market manipulation. There is no other way to describe a pump like that, around a coin that divides so many opinions. I can therefore see money flowing across into a more stable Ethereum as a result.

The more I think about what's going on, the more I like the theory that money will move into Ethereum.

I've shared a lot of higher time frame charts such as the following daily, but it's worth including again for context at the very least:

ETH/USD Daily

With price in a bullish trend and still holding above the $300 higher time frame psychological support level, I'm only interested in longs.

But for me, it's the intraday chart where things get really interesting. Just take a look at one such scenario that we could easily see play out in the short term:

ETH/USD Hourly

The hourly shows a nice ascending triangle. What this pattern of higher highs shows, is the sellers being absorbed.

When there are no sellers left to be absorbed, I'm sure you can work out what happens to price.

Have a great day!

Peace.

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