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Ethereum Price Consolidating as it Establishes New Support by scaredycatguide

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hive-167922 · @scaredycatguide ·
$41.12
Ethereum Price Consolidating as it Establishes New Support
Ethereum saw price make a new high the other day, taking out the prior all time high of 2,041.

Since then we have seen price digest that move higher and even test that prior high on an intraday basis.

### Is this the new support....

![image.png](https://images.hive.blog/DQmaid7fQb6k2rXJ1EjtckdeKEbozZ1JuMZnMXHTFPZ6hYL/image.png)

### Push and consolidate...

I will admit, I love when I see an nice rally in price and then a consolidation to digest those gains.  Especially when that consolidation stays up in the top third of the move that occurred.  That is what I call, high and tight!

Seeing that type of price action is usually bullish, and with ETH basically looking high and tight at the moment I will use this 2K level as the new downside support.

Price has essentially leveled up into a a new range after floating in that $1,500 to $2k range the past couple months.

The test of this "new bottom" yesterday is encouraging.  There is clear real estate to the upside with no prior tops to contend with.  Loose guess for an upside target would be taking the prior range and stacking it on top of 2K.

So figure 400 to 500 points possibly.  Again, this assumes price continues to hold 2K and rallies.

We shall see in time, but it does look like alt coins are pushing to new highs while BTC consolidates, which tends to happen in second legs of bull markets.

Let's hope this one lasts longer than 2018 alt highs though.  Come on Q2, kick some butt.



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vote details (263)
@acesontop · 
>There is clear real estate to the upside

I like of you've put it here. Once a real estate man always a real estate man. How high do you think will ETH peak in this bull cycle? 

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@scaredycatguide · 
Hahaha, yes indeed sir

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@automaton · 
I really do hope they fix these gas issues on Eth. I’m still a long term holder though. 

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@scaredycatguide · 
I'll admit, I hold less because I don't have much faith they will get ETH 2.0 done in a reasonable timeframe.  Here's hoping they do.

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@bozz · 
It was really nice to see ETH top that $2100 mark. I just wish some of the other alts would follow suit now.  Even a small pump on some of my holdings would be nice!

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@scaredycatguide · 
I don't know, it seems like there are alts following.  Even XRP is mooning LOL

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vote details (1)
@bozz · 
Haha, yeah. I think that has to do with the redacted documents that they are not releasing now or something like that.  Crazy to see it up over $1 this morning!

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@theanalystjohn · 
XRP went up like crazy hahaha. Yesterday I was inside the triangle and expected it to break out to the upside, but not the way it did, it's crazy hahaha.

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@mistakili · 
I hear  many things about Q2 and how interesting it can be, I look forward to seeing how it’ll play out.
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@scaredycatguide · 
Yeah, wishing these Q2 predictions work out.

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@theanalystjohn · 
Let's hope it stays above $2,000. I think this year Ethereum could close above $3 - 3.5K. I think it all depends on BTC as well, and I think BTC is poised to follow through to 75K and 100K very soon.

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@unorgmilitia · 
Lookin good! Thanks for the post!
Always nice to read good news.
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@scaredycatguide · 
Thanks, yeah.  Wishing for the bull to keep running

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