Blocksmith Says: Ride ETH to US$2,400

17 August 2022

A 240-minute Ethereum chart is shown today. Its price just passed through a 40-day cycle low and is now building a new 40-day cycle. Its status is therefore up and price is surging across a key resistance zone with a top at US$2,100, the preferred view is that this level is exceeded to the upside potentially up towards US$2,400 and then a rest.  

There are two 40-day cycles in the broader 80-day cycle which is also rising, but the view is that this cycle will top towards the end of the month or early September. This implies that there will be a slowing down in up power into this period and this will show up in RSI, which I have not included in today’s analysis as it doesn’t add much here.   

More importantly perhaps is the 20-week cycle which will still be rising at the end of the month as the 80-day cycle starts to top. The 20-week cycle is the tailwind to the advance and is bullish. This should mute any downswings for now. The prognosis then is keep looking up for now ahead of navigating a pause zone in the next few weeks.

Blockhead Team
Newsletter graphic

Info Blocks In Your Inbox.

If you want relevant updates occasionally, sign up for the private newsletter. Your email is never shared.

Subscribe to our newsletter