- Update from my $470 target chart, you may be asking yourself 'why is he raising his target when $470 still hasn't hit yet?'
- I will tell you. $470 resistance was created back in 2017 and formed this valley 2 years ago in august of 2018. To this day the price of ETH has been suppressed under $470 (the valley) and if it can get a decent close (not just a wick) above the resistance then $550 is in the question for the next target no doubt.
- Now dissecting this valley we can see why the price is where it is now. Take a look at this downtrend I drew from the swing high in 2019 when BTC touched 14k. Since then the price has held underneath that until July 21st when it decided to start mooning, but theres a reason for that it's not random
- It consolidated along the downtrend within this valley until it couldn't squeeze in price anymore and shot up. ETH has also back-tested all it's levels of support so it can continue moving upwards without major set backs. Right now i'd be worried about a $316 pullback but ETH has already back-tested those levels all the way up to $385
- I was also a little worried after the corona crash earlier this year, but honestly now it all makes sense to me now why that happened. That entire move upwards was just another bear market bull rally to create another high point to connect this trend.
- These next few weeks should be interesting for the markets. I really want to see this move play out and touch $550.
1st TP 🎯 $470
2nd TP 🎯 $550
As always please do your own research, I am not a financial advisor.
