This week I will be looking how our indicators currently see Ethereum, following a blockbuster trading week for the second-largest cryptocurrency.
Technically, all roads point to a 4,000 USD plus for ETH, but are the technicals supported by our quant models?
Vanguard
Starting with Biyond Vanguard and Ethereum is enjoying a strong Greenweekly buy signal from Vanguard, and the fifth consecutive weekly buy signal in a row.
Historical data shows us that Vanguard weekly has the potential to post a maximum of five weekly green candles in a row.
Source: Tradingview.com
Therefore, next week could be another positive one, and we might see some consolidation or a pullback after that.
Biyond Atlas
Ethereum has enjoyed a 90-point decline in Biyond Atlas over recent weeks, further highlighting the growing bullish momentum.
Atlas for Ethereum now sits around 11 points away from the Green zone at the time of writing, which suggests some major scope for ETH to go higher still.
Source: Biyond.co
According to previous instances, once inside the Green zone, ETH upside could accelerate considerably.
As always, a continued drop in Atlas is the confirmation that upside momentum is alive, and only trade against Atlas at your peril.
Yearly Pivot Point
According to the newly added Pivot Point data to our website, a major breakout in ETH above the Yearly Pivot Point took place this week.
This is great news as once above the Yearly Pivot the playbook is usually for a test towards either R1, R2, or indeed R3.
Source: Biyond.co
I'd suggest R1 in July is possible, but my money is on R2 getting tagged over the next few weeks or so.
Challenger
Biyond Challenger shows zero danger for Ethereum at the moment based on the various potential reversal signals being presented.
In case you didn't know, Challenger is a contrarian indicator that highlights overbought and oversold conditions using Fibonacci-based trading data.
Source: Biyond.co
Overall, things look great for Ethereum right now. Well done to everyone who held through the pain.
We certainly had some sleepless nights with our ETH short, medium, and long-term signals this year.
Source: Biyond.co
I am not confident ETH hits 10,000 USD this cycle, but 6,000 USD sure looks possible.
