ETH is currently testing the .5 Fibonacci retracement from its previous ATH.
On lower timeframes, ETH is consolidating just underneath the 0.5 fib.
There is a strong resistance cluster that ETH is facing right now, which will need to become our new support in order to confirm bullish sentiment and a potential break towards previous ATH.
If we break above 0.5, next stop is somewhere around 780 where there is major resistance.
A potential scenario guesstimation:
ETH concurs 0,5 fib retracement and moves to 780
ETH pullback to retest 0,5fib, successfully closes above it, and then parabolic to previous ATH
Another potential scenario guesstimation:
ETH reaches 780 or beyond (next fib channel) as long as BTC keeps rising
BTC corrects just under 30k
ETH gets dragged down with the BTC correction and doesn't reach ATH.
I'm not confident enough at this point to make any claims wrt altseason. It's year end, it's covid, it's tax returns, it's stimulus bills, it's gas fees, it's SEC... Just way too many uncertainties for infact anyone to play prophet and say what will or won't happen with alts next year.
WRT the indicator:
Stochastic RSI indicating bullish sentiment
There is still room for growth in the RSI it can go even higher compared to previous ATH
Best Regards and safe trading
Ev
On lower timeframes, ETH is consolidating just underneath the 0.5 fib.
There is a strong resistance cluster that ETH is facing right now, which will need to become our new support in order to confirm bullish sentiment and a potential break towards previous ATH.
If we break above 0.5, next stop is somewhere around 780 where there is major resistance.
A potential scenario guesstimation:
ETH concurs 0,5 fib retracement and moves to 780
ETH pullback to retest 0,5fib, successfully closes above it, and then parabolic to previous ATH
Another potential scenario guesstimation:
ETH reaches 780 or beyond (next fib channel) as long as BTC keeps rising
BTC corrects just under 30k
ETH gets dragged down with the BTC correction and doesn't reach ATH.
I'm not confident enough at this point to make any claims wrt altseason. It's year end, it's covid, it's tax returns, it's stimulus bills, it's gas fees, it's SEC... Just way too many uncertainties for infact anyone to play prophet and say what will or won't happen with alts next year.
WRT the indicator:
Stochastic RSI indicating bullish sentiment
There is still room for growth in the RSI it can go even higher compared to previous ATH
Best Regards and safe trading
Ev
