In this technical analysis of Ethereum January 2019 we present pivot points, technical indicators and analysis with charts based on different indicators. These indicators are dow theory, Bollinger bands and moving average and historical data.
Looking at the chart we see that the coin is trading at 155.5USD, looking at the trend we see it is in a uptrend with minor correction, closely looking we see a double top pattern, the price is seen to be in sideways pattern with resistance around $160 and support around $149, which can be used for trading, the trendline is also acting as resistance
According to Dow
Price is moving between the channels, the Bollinger band after squeezing expanded with positive momentum, indication positive, currently the band is expanding indicating increase in volatility, on short term the price had touched the resistance and is on its ways toward the lower limit with RSI decreasing
Taking 9 period moving (blue) averages with 21 period moving averages (red), Bullish crossover is seen, with price moving above 21 period moving average and below 9 period moving average, once price stars moving above 9 period moving average it will indicate start of upward rally.
Looking at the historical data we see following similar condition the price grew almost 44% after accumulation phase and we might see the same pattern again given the conditions
Looking at the chart we see doubletop pattern with price turning sideways and moving in channel, so this opportunity can be used for swing trading, looking at long term trend we see target is at $179. We also see the formation of cup and handle pattern which is a bullish pattern after which we can expect rise of 60-70%. Before taking fresh long position wait till double top to be broken, short term trend is bearish so we can expect price to fall till $150 where fresh new long positions can be taken.