Hello dear traders,
First of all, I am tech lover, seeing all of tech innovation's intriguing and interesting. People often telling me, crypto is dead, crypto is useless, produce no value etc... I understand them, as many of crypto "projects" were created as nothing else but opportunity to "collect" money from the people who were dreaming of getting rich in 1 year. Never the less, some of projects will survive if and only if they find valuable real world usage. I believe ETH is one of them.
So, lets go to analysis.
Since Dec 17th ETH is rallying, completing 5 wave structure with extended 5th wave at 163$. Retrace followed almost perfectly touching 61 Fib level. From there, as expected in bullish scenario, ETH bounced up, however, postponing Constantinople upgrade due to security bug , led us to 7% price drop. And here our strong support at 19.50-120$ held (blue box). Furthermore it was confirmed 3 times before it bounced up again today, following rejection at 132$ (green box). Now, in order to reach our target of 200-210$ (red box) which should be completion of ABC correction we must break and stay above 132-135$. Any rejections from that level with strong volume and break bellow 114$ will invalidate this setup.
What do you think where ETH price will go?
Trade safe, use your stop losses. Whatever system you use to trade stick to it if it works for you.
See you on the other side ! :)
------------------------
Declaimer:
This is not financial advice of any kind, or trade advice. This is purely in educational purposes.
First of all, I am tech lover, seeing all of tech innovation's intriguing and interesting. People often telling me, crypto is dead, crypto is useless, produce no value etc... I understand them, as many of crypto "projects" were created as nothing else but opportunity to "collect" money from the people who were dreaming of getting rich in 1 year. Never the less, some of projects will survive if and only if they find valuable real world usage. I believe ETH is one of them.
So, lets go to analysis.
Since Dec 17th ETH is rallying, completing 5 wave structure with extended 5th wave at 163$. Retrace followed almost perfectly touching 61 Fib level. From there, as expected in bullish scenario, ETH bounced up, however, postponing Constantinople upgrade due to security bug , led us to 7% price drop. And here our strong support at 19.50-120$ held (blue box). Furthermore it was confirmed 3 times before it bounced up again today, following rejection at 132$ (green box). Now, in order to reach our target of 200-210$ (red box) which should be completion of ABC correction we must break and stay above 132-135$. Any rejections from that level with strong volume and break bellow 114$ will invalidate this setup.
What do you think where ETH price will go?
Trade safe, use your stop losses. Whatever system you use to trade stick to it if it works for you.
See you on the other side ! :)
------------------------
Declaimer:
This is not financial advice of any kind, or trade advice. This is purely in educational purposes.
Comment:
I am no touching this until I see price above 135$ or bellow 110$
