ETH has held up extremely well since dropping down to around the .020-021 BTC / $10 – 10.50 USD range in the last week. As I write this morning 5/31/2016 ETH is around $13.00 USD.
This drop has reset certain indicators to their midpoints which is often the level they turn and move higher if we’re truly in a bullish uptrend.
In addition ETH has not continued to drop despite BTC’s skyrocketing to $550. While there is still a chance that ETH and BTC will have an inverse relationship, this is a good sign that there are buyers for both at the moment.
Probabilities say that ETH should stay in it’s current range of the last few days or follow a slightly higher uptrend in price as it heads up to test recent highs. The patterns show a smaller possibility that ETH moves up quickly and strongly from here, blasting to it’s 17.50 USD target.
If ETH reverses and continues it’s recent downward trend then it will likely test recent lows and could easily fall to new lows. I’ll look at the entire picture if ETH falls below 9.50 USD and assess the highest probability move at that time to adjust my position.
BTC continues to look very strong — apparently there is buying in China that is driving the large upside with high volume. I just see a strong upside pattern and see a high probability of 560-565 and a good chance at a run at $600.
DAO continues to lag both ETH and BTC but again is likely to see high volatility with no pattern or price history behind it.