Ethereum has been on a complete moon ride the past couple of weeks with not much signs of slowing down. Yesterday on January 4th we broke slightly past the 0.786 on the Fibonacci Retracement trading slightly past $1150 before coming back down into the $1000 - $1050 range were it currently is trading now.
I believe we can expect another pump up to $1150 from these levels to retest the 0.786 on the Fibonacci Retracement at $1150. The next major resistance level for Ethereum is the previous all time high of around $1420 - $1440. Once Ethereum breaks past its previous all time high we will enter a new price discovery phase and set new all time highs. It is extremely overbought blasting past the 70 on the RSI so buy with caution. Everybody should have Ethereum in their portfolio!
ETH could pump to the RSI high of 97 ... that should bring it to nearly 2k, which would then bring ETH in alignment with BTC's relative price to its previous ATH
Darenno1
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@ich1baN, sounds like a wish for now imo. Would be nice to see that in near short term but I think it needs more time to develop such movement.
ich1baN
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@Darenno1, you could be right - no one knows - but no one on earth was predicting the impulse move we saw in ETH from $700 to $1170 over a few day timespan .... the news of institutions buying massively above 30k BTC is my indication that there might be another impulsive leg up before we see a major correction.... I looked at some price action in 2018 and found a similar pattern where ETH printed a slight 9% dip from $1150 to 9xx level then rose from 9xx to take $1250, then on to ATH of $1430.... this was all around the same exact day (Jan 6th 2018) ... don't think it's a coincidence ... the large institutions are just following the script and printing price higher. We could easily be at ATH any hour imo with a breakout of the bull triangle we are currently in.
Of course I can be wrong and it corrects lower but considering that ETH usually prints massively bullish candles in January, there should be a bias to upside now that we are in a clear bull market. Bull ascending triangles have a good probability of breaking to upside anyways and now considering there is 2,000,000 ETH locked in 2.0 contract that can't hit trading floor, there are liquidity and scarcity levers now built into ETH that weren't there in 2017.... this limits the amount of downside volatility in ETH and helps propel price in the bull market. Let's see my friend.
ifyeverest
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@ich1baN, your analysis is perfect, eth could hit $2000 in no distance
ich1baN
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@ifyeverest, I agree - let's print some pips my friend!
peacefuljustin
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@ich1baN, Very true. I didn't even realize the RSI hit 97 during the 2017 bull run.