Ethereum
Indicator Suggesting Ethereum Headed Upwards, Says Analyst Jason Pizzino
Closely followed crypto analyst claims top altcoin Ethereum (ETH) is perhaps preparing for an upward trend.
In a new video update, crypto strategist Jason Pizzino tell its 329,000 YouTube subscribers, an indicator suggests that the leading smart contract platform is preparing for rallies.
According to Pizzino, the average true range (ATR) of ETH – an indicator that measures volatility by showing the trading range of an asset over a specified period – hints at an imminent escape.
“Ethereum [is] Seems pretty good – with lower highs and lower lows at the moment. We covered the average true range as another signal that the market is preparing for another move higher.
So we see the bar ranges contracting and they usually go out for several weeks or even months, but as we approach the end of the bull market, these periods become shorter and shorter.
Source: Jason Pizzino/YouTube
Looking at the trader’s chart, he seems to predict that Ethereum’s ATR will decrease as ETH trades in a triangle structure. A triangle is generally considered a continuation pattern in which an asset experiences a price compression before a significant move in the direction of the dominant trend.
Pizzino goes on to say that traders should be on the lookout for Ethereum’s ATR, as he says ETH could take off sharply and leave them behind.
“And this is where things get very crazy: If you don’t participate, it can destroy your wallet because you try to get in and it takes off without you…
At the moment, for ETH, everything still seems on track and it is playing with the other strong altcoins.
Ethereum is trading at $3,502 at the time of writing, a marginal increase over the past 24 hours.
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