ETH has returned to a stable upward trend on the 2-hour timeframe with target density up to $4,906, and upon breakout - with potential up to $5,403. Intermediate targets are shown in the screenshot.
The asset is showing strength again. But after our post yesterday about altcoins attempting to set reversal extremes on the 4-hour timeframe, not only ETH is rising today.
At the moment, according to #P73Signals, for the day:
- 25 assets, including #ETH and #BCH, and several others, have transitioned to a stable upward trend on the 2-hour timeframe (yesterday 20, on Monday 4),
- 8 assets, including #SOL, have transitioned to a stable upward trend on the 4-hour timeframe (yesterday and on Monday - 1 each).
So far, there are not enough upward trends to confidently talk about a reversal. However, on the hourly timeframe from the TOP-200 today, there are 8 assets showing potential highs. This could pose a threat to the continuation of market growth. 'The first warning bell.' But at the moment, there are upward trends in important assets on the 2-hour and 4-hour timeframes, and this is key. We continue to observe.
#SOL, in particular, looks interesting - it has transitioned to an upward trend on the 4-hour timeframe and although it already has two marks for potential highs, it is being squeezed towards important resistance that the price has been unable to break since the end of July.
At the same time, on the weekly timeframe, the asset is at a turning point - already two marks for potential highs.
If the price does not return to an upward trend this week or next, a significant depreciation may begin. This threatens the asset in any case. But with a transition to an upward trend, at least there will be confidence that the decline can be used for new purchases.
