ETH Weekly Support/Resistance Zones and Fibonacci Price Targets
I am bullish on ETH as long as it is closing weekly candles above the red 10SMA. Currently the 10SMA is sitting around $1,400.
If price closes above the prior weekly high at $1,935, then I'll be looking for a bullish move beyond the 1.618 Fibonacci extension.
If price finds support above the 1.618 Fibonacci, then I will be looking for a move to the 2.618 Fibonacci at $3,450. So on and so forth!
Weekly Fibonacci Targets
1.618: $2,163
2.618: $3,450
3.618: $4,700
4.236: $5,500
4.618: $6,000
BTC/ETH has been looking bearish. If the bulls cannot hold the weekly 200EMA as support, then I will be looking for a deeper retracement. If ETH does not bounce and continues its downtrend, then BTC will continue to outperform it.
Weekly stochastics looks like it pullback would be healthy for further continuation. If stochastics came down to the trend line, then I would look at that as an opportunity.
Daily RSI had three drives of bearish divergence. With the strong bounce after this morning's pullback, this divergence may have played out.
Weekly RSI just bounced off the exponential and appears to have the bullish control zone as support. If price closes as weekly above the prior high, then I suspect we'll see continuation to the 1.618 Fibonacci extension and beyond over time!
Albeit I theorized that ETH would reach $20K this bull run, considering the exorbitant gas fees on the ETH blockchain and myriad other alternatives in the cryptosphere these days, I don't see that happening.
I would again change to a super bull if ETH 2.0 was successfully rolled out and alleviated the slow transaction times and costly transaction fees we are seeing on the ETH with all this congestion!
Currently, ETH average gas price is at a current level of 144.97, down from 201.54 yesterday and up from 10.36 one year ago.
Why spend $100-$200 on a single transaction when it can be done on other blockchains for $0.05-$0.25?
ETH betta get that 2.0 rolled out quick, else it is going to lose a lot of ground this bull run!
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Guide to My Charts
-The purple 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.
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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.
If price closes above the prior weekly high at $1,935, then I'll be looking for a bullish move beyond the 1.618 Fibonacci extension.
If price finds support above the 1.618 Fibonacci, then I will be looking for a move to the 2.618 Fibonacci at $3,450. So on and so forth!
Weekly Fibonacci Targets
1.618: $2,163
2.618: $3,450
3.618: $4,700
4.236: $5,500
4.618: $6,000
BTC/ETH has been looking bearish. If the bulls cannot hold the weekly 200EMA as support, then I will be looking for a deeper retracement. If ETH does not bounce and continues its downtrend, then BTC will continue to outperform it.
Weekly stochastics looks like it pullback would be healthy for further continuation. If stochastics came down to the trend line, then I would look at that as an opportunity.
Daily RSI had three drives of bearish divergence. With the strong bounce after this morning's pullback, this divergence may have played out.
Weekly RSI just bounced off the exponential and appears to have the bullish control zone as support. If price closes as weekly above the prior high, then I suspect we'll see continuation to the 1.618 Fibonacci extension and beyond over time!
Albeit I theorized that ETH would reach $20K this bull run, considering the exorbitant gas fees on the ETH blockchain and myriad other alternatives in the cryptosphere these days, I don't see that happening.
I would again change to a super bull if ETH 2.0 was successfully rolled out and alleviated the slow transaction times and costly transaction fees we are seeing on the ETH with all this congestion!
Currently, ETH average gas price is at a current level of 144.97, down from 201.54 yesterday and up from 10.36 one year ago.
Why spend $100-$200 on a single transaction when it can be done on other blockchains for $0.05-$0.25?
ETH betta get that 2.0 rolled out quick, else it is going to lose a lot of ground this bull run!
---
Guide to My Charts
-The purple 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.
