🤑 Ethereum is bullish across all time frames · ~$5,900 & ~$7,500 ahead
We are looking at Ethereum now and here we have a long double bottom for two months, more like a higher bottom.
While the October declines were almost reaching the early August support level, they were only doing so on a wick. The candle closes on October 10, 11, and 12 occurred much higher, with the low around $3,750. In early August, the low based on the candle close was around $3,395.
Here it is. Bitcoin and Ethereum are both bullish on the daily timeframe. However, sideways movement is still possible but irrelevant and unexpected.
Smaller altcoins have suffered many more times compared to large projects when it comes to market flow. In contrast, these projects can end up recovering much faster; as there is more room for growth.
It's nice to see such a clearly bullish chart because when the king and queen are in a bullish position, the rest of the market can do nothing but follow.
It's still complicated. Or, should I say, too early.
It can happen that today turns bearish and ends up closing at the lower end of the session. This would be very bad for the bulls and the rest of the altcoin market.
With all the bleeding the market has undergone in recent days, I don't see this as necessary, and we have other signals supporting a bullish tilt like ETHUSDT trading safely above EMA89, which has a reading of $4040. Very bullish above $4000.
You can rest easy knowing that Ethereum is likely to produce additional growth. Not just in the coming days, but it can do so for weeks and months.
The expectation now is for November-December for a new peak. Not a cycle peak for a local peak as we could see a correction resembling a flow followed by additional growth.
After a strong rise and a new historical peak, we could see a correction lasting from 1-3 months. There is also the possibility of continuing for 3-6 months. I will give you more precise numbers as we approach the event. For now, we are still bullish on all timeframes while aiming upward.
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