Hello Future Millionaires!
Are you ready for a $2K+ Ethereum? I am! but before I get too carried away, I'd like to dissect price action for the near term!
On the lower time frames, ETH is ranging between $975 and $1260. Today, we saw a nice pullback to the 0.382 Fibonacci, which was bought up pretty quickly, but price action is still fading a little.
If price can start closing above $1150, then I suspect we'll see continuation toward the top of the range.
If price cannot break through resistance at $1150, then I suspect price will head back down toward the 0.382 Fibonacci which has strong confluence with horizontal support/resistance and the 4H 89EMA around $1,000 - $1,100.
If support breaks at $1,000, then price will likely head down to the next support area at the bottom of the range around $925.
On the medium time frames, we can see an ascending triangle being printed (see yellow lines). This is typically a re-accumulation pattern which leads to continuation.
My 1st target for continuation is $1425, but I suspect we'll see continuation to $5,000 - $20,000 in the next few years.
On the higher time frames, ETH has been in a strong weekly uptrend since March, 2020 and appears to be close to reaching a new all time high!
I suspect a weekly close above the last weekly close at $1255 will lead to continuation and likely a new all time high!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Are you ready for a $2K+ Ethereum? I am! but before I get too carried away, I'd like to dissect price action for the near term!
On the lower time frames, ETH is ranging between $975 and $1260. Today, we saw a nice pullback to the 0.382 Fibonacci, which was bought up pretty quickly, but price action is still fading a little.
If price can start closing above $1150, then I suspect we'll see continuation toward the top of the range.
If price cannot break through resistance at $1150, then I suspect price will head back down toward the 0.382 Fibonacci which has strong confluence with horizontal support/resistance and the 4H 89EMA around $1,000 - $1,100.
If support breaks at $1,000, then price will likely head down to the next support area at the bottom of the range around $925.
On the medium time frames, we can see an ascending triangle being printed (see yellow lines). This is typically a re-accumulation pattern which leads to continuation.
My 1st target for continuation is $1425, but I suspect we'll see continuation to $5,000 - $20,000 in the next few years.
On the higher time frames, ETH has been in a strong weekly uptrend since March, 2020 and appears to be close to reaching a new all time high!
I suspect a weekly close above the last weekly close at $1255 will lead to continuation and likely a new all time high!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
Let's get this crypto!
Down with Finance 1.0 and fiat and to the moon with Finance 3.0, money for the people, by the people! <3