The Weekly Overview of the Ethereum Megabull

Hi everyone!

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Here is an overview of the Weekly Ethereum ETHUSD Bear and Bull Cycles on the log scale in preparation for the Megabull which triggers officially once we blast off the $1,420 ATH (All Time High) in the next few days or weeks. The short-term target I see once we break the ATH is at $2,700-2,760 approximately which is the textbook target of the rounding bottom bull reversal pattern (see idea published yesterday):

The log scaling is usually the best to use to clearly put an emphasis on the bull and bear cycles. Further more, log cycles coupled with the correct patterns and indicators can also help us outline accurately enough the cycle tops and bottoms to buy or sell at as I have labelled them for the current Megabull cycle.

Currently you can notice that Ethereum has completed a long-term bull reversal of the entire bear trend thanks to the following bull reversal patterns:
- Rounding bottom
- Double bottom at $80-90

I have overlapped the previous Megabull's fractal so we can gauge and compare the current bull market against it time and price action. Their will be with certainty be differences between then and now but we are looking in the end to also spot the top of the Megabull near November-December 2021 to sell at near the top of the long-term bull parallel channel .

For this Megabull cycle, I forecasted the final top of Ethereum to be a great sell/short opportunity at $28,000-31,500 around December 2021 - January 2022

Best of luck and happy trading!
Carl M.

Trade active:

This is going as expected so far. Ethereum about to rally until the CME Contract launch on Feb 8 and hit close enough to $2,700s

Comment:

Consolidation is done at the mid $1000s. Time to fly to $4,000~

Comment:

Ethereum looking great and on track.

The readjusted top of the bull parallel log channel is now around $5,000~ instead of $4,000. Look to sell 5% at $5,000~ and cash it out to the bank account.

Comment:

Still on track for 18-20K or 28-30K with a delay by Feb-Mar 2022.
ETHUSD never broke down below the bull parallel log channel.

Comment:

Trade closed: stop reached:

The bear market has potentially started on Ethereum.