I spent all weekend watching The Big Short. It was actually my first time. incredible by the way.
Let's get into the chart. Fundamentals justify upward price movement as we head into upgrades to ETH, staking supported by Coinbase, and protocol changes that will result in a deflationary behavior. The renovations to ETH are much needed and have been part of years long engineering changes. This will modernize Ethereum's protocols and efficiency to better align with it's aims for Web3.
Now the techicals, obvious over-extension of RSI and distance from Kijun leaves ETH ripe for a gentle pullback. One that sounds reasonable given we've seen mid-week lulls for several months now.
I do believe this will be a relatively short pullback of 8-15% with the long-term bullish trend remaining intact. I'm playing this one extremely conservative given you never want to bet against this momentum headed into a major ETH update AND a bounce can always be short-lived.
Let's get into the chart. Fundamentals justify upward price movement as we head into upgrades to ETH, staking supported by Coinbase, and protocol changes that will result in a deflationary behavior. The renovations to ETH are much needed and have been part of years long engineering changes. This will modernize Ethereum's protocols and efficiency to better align with it's aims for Web3.
Now the techicals, obvious over-extension of RSI and distance from Kijun leaves ETH ripe for a gentle pullback. One that sounds reasonable given we've seen mid-week lulls for several months now.
I do believe this will be a relatively short pullback of 8-15% with the long-term bullish trend remaining intact. I'm playing this one extremely conservative given you never want to bet against this momentum headed into a major ETH update AND a bounce can always be short-lived.
Comment:
This call was incredibly off in the short term. I also don't foresee the upcoming pullback touching the above marked levels.
Order cancelled