Hello friends, today you can review the technical analysis on linear scale charts for Ethereum ( ETHUSD ), a cryptocurrency.
Quick Analysis:
1) The left two charts are showing a 2017-2018 and 2021 Ethereum chart with similar timeframes. The 2017-2018 chart shows a dip in the price followed up by consolidation before a blow off top. The same fractal seems to be in play with the current (2021) price. The analysis in the 2021 chart on the left shows the assumption that the fractal playing out within the timeframe and price increase similar to 2017. This would mean around December 25, 2021 - December 27, 2021, Ethereum could have a blow off top of $8,500-$8,600.
2) On the right chart shows the Ethereum price on a weekly timeframe showing the price going back to 2017. A Fibonacci Extension analysis was completed showing the 1.618 (Golden Ratio) at $7,908. This may be an area where traders could take profits. It may be possible to still reach the $8,500-$8,600 range with a wick.
3) Though this is just an idea, it may be worth keeping an eye on this if price continues to move in line with the 2017 fractal.
What are your opinions on this?
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk