Ethereum Technicals Foreshadow Another Leg Up, But Could It Be Fool’s Gold?

Ethereum sustained its uptrend and now is resting on an important pivot. My previous notes suggested we may be in a larger ABC. If this is true then we can expect one more move up before an ultimate crash down. In order to sustain a possible leg up, we must sustain H4 pivot of 450-454. Watch for the H4 STOCH to come down to reset while price sustains H4 Pivot. Dropping down to H4 pivot will lower our topside for this next possible leg up to about swing high or slightly above. If price manages to not break Swing High we will have BEAR divergence confirmation on the D1 chart.

 

If price manages to sustain D1 pivot this will open up an upper target and we will not form bear divergence on the D1 charts.
Short term traders and scalpers can see a possible short scenario to the H4 pivot. We have formed BEAR divergences on all Small time frames which suggest a pullback. You could set your stop loss at H4 swing high of 475-480. For MED term swing traders look for support to hold at H4 pivot in order to long.
Breach of the H4 pivot immediately breaches our long calls. Remember to always use stop loss and practice good risk management.