kyer

ETHUSD Bottomed Out Along the $2022 Support

Long
KRAKEN:ETHUSD   Ethereum / U.S. Dollar
Ethereum has found new highs in May during a period of price discovery and everybody losing their minds over the NFT craze. From the peak hype, we’ve fallen about 60% and have been capitulating ever since (about 1.5 months).

ETH has found support along the 1.0 Fib level at $2,022 and this pattern looks the exact same from the pullback we saw in January 2021. We capitulated back down to underneath $1000 briefly and eventually found support along the $1000 psychological level of support.

This essentially is the same type of pattern, just on a bigger scale and time frame.

I believe the bottom is in at $2,022 and we’re going to pump up towards the 1618 Fib level at $2,709.

As always please do your own research, I am not a financial advisor.
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Comments

Good analysis.Thanks for sharing
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I reckon it is far from bottoming out. A prudent approach for any long term investor should be Dollar cost averaging rather than trying to time the market.
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Nice chart
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Hi my friend! very accurate
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I think you need to edit your references to $1,000. Can't see that anywhere on the chart.
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