ETH Descending Channel Breakout to $620 - Let's go bullz!
Hello Future Millionaires!
ETH bulls are trying to break out of this descending price channel.
If we breakout, I suspect ETH will head up to $620, then beyond!
Currently lower time frame stochastics are showing bullish momentum. BTC has also just confirmed bullish divergence. If BTC continues its ascent, then it is highly likely ETH will follow!
This is a great pivot area! If the bears take control, then there is a nice short on the other side of this long!
Check my profile for technical analysis on the potential short and follow us now to stay posted with regular updates on the hottest cryptos!
Fundamentally, there are some very bullish indicators that show ETH could have a parabolic ascent in the near future!
1. ETH 2.0 moving forward. When complete, the upgrade should alleviate high gas (transaction) fees and reduce network congestion!
2. 16 billion in stablecoins have been issued on Ethereum, which has been a parabolic increase.
3. 1st ETH ETF launched in Canada!
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
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Entry: 568.00
Entry Zone: 560.30 - 575.50
T1: 576.43
T2: 585.00
T3: 595.00
T4: 604.75
T5: 617.50
Stop: 552.83
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R:R: 3.26
Risk: 2.67%
Reward: 8.71%
Leverage: 15X
Leveraged Risk: 40.5%
Leveraged Reward: 130.65%
Risk Assessment: MEDIUM-HIGH
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
ETH bulls are trying to break out of this descending price channel.
If we breakout, I suspect ETH will head up to $620, then beyond!
Currently lower time frame stochastics are showing bullish momentum. BTC has also just confirmed bullish divergence. If BTC continues its ascent, then it is highly likely ETH will follow!
This is a great pivot area! If the bears take control, then there is a nice short on the other side of this long!
Check my profile for technical analysis on the potential short and follow us now to stay posted with regular updates on the hottest cryptos!
Fundamentally, there are some very bullish indicators that show ETH could have a parabolic ascent in the near future!
1. ETH 2.0 moving forward. When complete, the upgrade should alleviate high gas (transaction) fees and reduce network congestion!
2. 16 billion in stablecoins have been issued on Ethereum, which has been a parabolic increase.
3. 1st ETH ETF launched in Canada!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Entry: 568.00
Entry Zone: 560.30 - 575.50
T1: 576.43
T2: 585.00
T3: 595.00
T4: 604.75
T5: 617.50
Stop: 552.83
--
R:R: 3.26
Risk: 2.67%
Reward: 8.71%
Leverage: 15X
Leveraged Risk: 40.5%
Leveraged Reward: 130.65%
Risk Assessment: MEDIUM-HIGH
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Related Ideas
T1: 576.43 - HIT!!! (22.26% Gain)
T2: 585.00 - HIT!!! (44.89% Gain)
T3: 595.00 - HIT!!! (71.30% Gain)
T4: 604.75 - HIT!!! (91.15% Gain)
T5: 617.50 - HIT!!! (130.72% Gain)
Follow us now to stay up to date with TA for the hottest cryptos!