we're at an ABSOLUTELY CRUCIAL level in Ethereum (and the Altcoin market in general)
we have just printed two downward counter trendline breaks on the chart and this typically points to a resumption in trend (that trend being UP of course)!
this $1800 to $1870 area (78.6% of the smaller leg) is absolutely critical if we're to hold and continue our bullrun.
If we hold here, we should see a $2850 ethereum within two months.......and if THAT happens then we'll have confirmed the main weekly structure which should catapult Ethereum well past $10,000 by early January of 2022!
Cryptos are toast my guy. We aren’t going up anytime soon. Dxy has a lot of structures to retest on the upside
neofx11
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@Lbjnation, lol. That’s been said a million times in the past and a million times has been gruesomely proven wrong!!
I guess we’ll see, “my guy”
Lbjnation
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Depending on which swing low/high you use for the fib, 1760 could be the area we soar from which would be the .618. If you do the swing high to swing low for the fib on the downt trend side you will see there is a lot more room to fall. Even if you zoom out on the week chart you see that 1000ish area is a key structure that wasn't retested. You do realize pre covid, ethererum was sitting at 100-220ish them boom 4k in no time without creating real structure. It will be interesting to see if we go up from here but we are are now trending under the 200 MA/EMA.
neofx11
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@Lbjnation, what do you mean there’s no structure? There’s perfect structure between $1400 ATH in 2018 and $2000
I know exactly where Ethereum was last year trust me. I follow these like a hawk and loaded up in March at $118
But ETH aid following the network effects of bitcoin in 2017......and could easily reach 20k!
My targets have been documented here:
$8000-$12000 is where I’d get out
Lbjnation
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@neofx11, Trust me I want cryptos to soar like no other but the ]re is literally no buying volume at all. There may be structure but there are no major supply demand areas. The major areas are down low. There are no HHs or HLs being creating on any time frame. Its going to be interesting to see over the next few weeks
neofx11
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@Lbjnation, that's what every idiot out there looks at (not calling you an idiot of course) but what I'm saying is that's the "obvious"
you have to think differently: network is growing to ATHs every day. So adoption is there and it's STRONG!
3-yr RSI is at same levels as in Dec 2018 and 2020 Covid crash (both cyclical bottoms)......now you tell me if you would sell here or if you would BUY??
come on brother
Lbjnation
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@neofx11, I definitely hear you. Every indicator I have is showing me oversold. Especially the TDI and RVI. I just want to see the impulse bull run so I can stop thinking about bears.Today was a good start.
PolarHusk
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Nice potential scenario for ETH. thanks for sharing your idea.
powerpsi
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There seems to be an equal amount of bearish and bullish sentiment out there. Good analysis.