This is an update on some Ethereum analysis that I did the other day in which we started accumulating at these "low" levels. Taking a look at the long run for Ethereum (1D) we can see that RSI is slowly creeping into the oversold zone and the MACD is eventually going to have a golden cross in the near future, let's say within the next couple of weeks. I'm usually not one to play with fibonacci levels aside from guessing on targets, however, Ethereum has been playing well with the fibonacci lines recently, and the bottom that we accumulated on perfectly aligned with the fibonacci levels. That being said, I have new targets that I want to set.
Accumulation Zone: Below $600 USD for medium-term or $600-650 if you are holding for at least a month.
Stop Loss: I'm not setting one, however, a good idea would be below the lower fibonacci level and a bit lower than the strong support at $500, let's say $490 to be safe.
Targets: I'm optimistic about the recent Ethereum news and hype, so I am setting a range of targets at $720, $860, $990. In the longer term, I can easily see us over $1,000 again.
Accumulation Zone: Below $600 USD for medium-term or $600-650 if you are holding for at least a month.
Stop Loss: I'm not setting one, however, a good idea would be below the lower fibonacci level and a bit lower than the strong support at $500, let's say $490 to be safe.
Targets: I'm optimistic about the recent Ethereum news and hype, so I am setting a range of targets at $720, $860, $990. In the longer term, I can easily see us over $1,000 again.