Ethereum near end of Running Flat Correction?
Ethereum may be nearing the end of a running flat correction, and ready to resume its bull run. It has stopped at the 100% level of its trend-based fib, with a higher low than its previous two lows.
NOTE - If this was an expanding flat, Ethereum wouldn't begin its reversal until hitting at or even below $100. While this is possible, I think the running flat seems more likely.
Additionally, we can find confluence in:
- MACD, which has a strong bullish divergence from price
- RSI also has a weak bull div
- Stochastic RSI recently bottomed out looks like it strongly wants to go up.
Idea is invalidated if we close with a lower low on the daily chart, and then returning to 100 dollars starts to look more realistic.
NOTE - If this was an expanding flat, Ethereum wouldn't begin its reversal until hitting at or even below $100. While this is possible, I think the running flat seems more likely.
Additionally, we can find confluence in:
- MACD, which has a strong bullish divergence from price
- RSI also has a weak bull div
- Stochastic RSI recently bottomed out looks like it strongly wants to go up.
Idea is invalidated if we close with a lower low on the daily chart, and then returning to 100 dollars starts to look more realistic.
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