ETHUSD on the weekly looks incredibly strong and that’s hard to deny.
We have the Major Support/Resistance level at $350-370 and a Huge Rising Channel. The low for ETH was established at ~$80 in December 2018 and ironically we had the second low (higher low) almost one year after - in December 2019.
Previous swing high is in danger of being reached and when we get there, ETH will start looking even more bullish. The only thing needed is a higher high and there we go!
Now why exactly $800 is the ultimate and most optimistic target as of right now. Technically speaking, the pattern Ethereum has been developing (still needs confirmation by breaking the prior swing high) has a pretty bold target of $800. If we break above Major S/R level, next resistance comes at the upper border line of the channel, which for that moment may be around 0.618 Fib. Once that resistance cleared, the way toward $800 will be open.
By the way, CryptoBullet was the first one who called the Altseason (ETH in particular). It was back in November, check this out if you haven't seen it
Here is one more thing to consider - Golden Cross between MA50 & MA200 on the daily. The crossing between those two MAs has been pretty significant throughout the history of Ethereum. There were no false signals given by them up to this point of time.
What do you think about this? Will we see ETH somewhere near $800 this year? Give us your opinion in the comments!
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It definitely took some time, but my target finally reached!
Great chart(s). Thank you!
Looks like ETH is warming up for ETH 2.0 launch in 4 months or so.
PoS, staking, very low inflation rate, reward token burn (lower inflation) etc... I think people will go crazy if they confirm the launch. 800 is highly probable in such case.
Great Work!
With an Altseasong it was a perfect catch!
We also have a double bottom and now testing the horizontal. The breakout would be a one more bullish signal