ETH has been very bullish over the past week as it entered new ATH and price exploration. It will go higher in May, but the odds of a retracement/correction before then increase by the hour. It broke bullish from the channel it was in and with hardly a breather in nearly a week of growth, very exciting but nothing goes up forever.
I noted two support zones below here, around 3k and 2.9k. Failing to bounce from either will mean a retest of the support zone around 2.6k/2.7k.
In any case I expect additional growth this week as ETH appears to be finally acknowledging that it was undervalued against Bitcoin and its increasing relevancy as one of the cornerstones of the larger DEFI ecosystem/market. I am long term very bullish on ETH but short term expect some corrective patterns before continuing.
Falling below 2.7k will invalidate this and we'll retest lower levels and the next strongest support zone being around 1.8k.
Note: Personally I am hodling my ETH and don't plan to sell since the possibility of additional growth is out there, and the odds of a major correction are low. But if you are in a long and haven't TP yet, you may want to, or hedge it.
I noted two support zones below here, around 3k and 2.9k. Failing to bounce from either will mean a retest of the support zone around 2.6k/2.7k.
In any case I expect additional growth this week as ETH appears to be finally acknowledging that it was undervalued against Bitcoin and its increasing relevancy as one of the cornerstones of the larger DEFI ecosystem/market. I am long term very bullish on ETH but short term expect some corrective patterns before continuing.
Falling below 2.7k will invalidate this and we'll retest lower levels and the next strongest support zone being around 1.8k.
Note: Personally I am hodling my ETH and don't plan to sell since the possibility of additional growth is out there, and the odds of a major correction are low. But if you are in a long and haven't TP yet, you may want to, or hedge it.