Hello friends and fellow traders, welcome to this idea on ETHUSD.
Looking at the weekly gives us a good idea as to how far ETH has come and where it’s planning to go. On a conservative estimate, I’d say 20K isn’t out of the question for ETH some day.
From the surface, if one just look at ETH’s correction from $1400 to $360, one may arrive to the conclusion that yes, we’ve hit support and since we’ve past the .618 retracement, we’re likely done with the second cycle, wave II, right? Possibly, but I doubt it. Typically the second wave retrace does about .382, .5, or .618 the time it took to produce the first wave. So in this case, the earliest we should expect ETH to be done with its second cycle would be near the end of the year. With the short bull run that BTC will be having, it’s not out of the question to expect a short bull run for ETH, which may be followed by several months of correction to take it down to the low 300s.
With those assumptions in mind, we do have a fairly decent trade setup as follows:
Entry: $570 - $550 Stop: $500 Target: $1100, exit half at $800 and spread the rest up to $1100
I’ll be updating this as we go and if market condition dictates, we might have to close the trade early or take less profit and let the rest ride past our original target. Please don’t forget to like or comment as it always helps to get feedback from you. As always, good luck and stay safe!
Kinashi-San
*The ideas and comments expressed herein are my personal opinions and should not be taken as financial advice. Being a trader, at any given point in time, I may or may not be holding the asset in question. This is not a recommendation to buy, sell, or hold.*
I'm gonna quote Fundstrat's Tom Lee - platform tokens are doing well this season. That includes ETH, EOS, TRX and (I hope to see soon) ADA. About ETH in particular - despite the 2nd largest cap, it made a hefty 120% gain from the 360 usd bottom. Volume is consistently high. 2 days ago I was watching trades on GDAX, 500-600 ETH buy walls flying around, scaring the bears off. The Force is strong with this one. My bet is that the 3rd elliot wave of ETH is going to go somewhere around 1150 usd within a month. I'm basing this in large chunk on fractals self-repeating - here's a nice idea about it Also, I'm considering that since ETH market cap is 2x smaller and the price is much lower than BTC, it's really easier to pump. Then the ETH/BTC price chart is rising.. so pumping ETH is a cheaper way to accumulate more BTC, before BTC fights off the bears and starts going parabolic in a few months..