ETH ANALYSIS : 28/12/20 Destination $800
ETH ANALYSIS : 28/12/20
Destination $800
Technical' s
15M: Very Bullish
1HR: Very Bullish
4HR: Very Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: V Strong Bullish
Overall: Very Bullish
Buy/Sell Wall:
Sell
750-760 - 11k ETH
800 - 11k ETH
Buy
650- 11k ETH
Volatility: Highly volatile in bullish sentiment
Local Support: $700
Next Support: $650
Local Resistance: $750
Next Resistance: $800
Key Fundamentals:
- GrayScale Buys Another 130,000 ETH - Bullish
Grayscale's Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether (ETH), or 2.24% of ETH's entire capitalization
- Successful launch of Ethereum 2.0 - Bullish
Further 2021 Trends
1. DeFi will continue to thrive
2. The rise of NFT (Non-Fungible Tokens)
3. ETH will become an investment opportunity
4. ETH mining will die in 2021
5. ETH will decouple from BTC
Personal Opinion:
With alot of expectation of BTC hitting $30k over the coming days it is driving a lot of excitement to Crypto in general with ETH being front of the line in the "ALT" market this is quite expected. It followed the Head and Shoulders pattern quite nicely albeit more aggressively than expected.
Based on some sell walls I feel there will be some resistance at $750 although quite a sharp rise to $790-$800 is to be expected - this arena is going to be very hard to break with it being a previous key peak.
We are currently moving into extremely oversold territory on the RSI for the first time on the RSI since the 16.12 so we can see a bit of strain on the upward movement incoming although no major bearish signs yet.
Prediction - $800 by 31.12 then correction to $750 maybe lower.
Destination $800
Technical' s
15M: Very Bullish
1HR: Very Bullish
4HR: Very Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: V Strong Bullish
Overall: Very Bullish
Buy/Sell Wall:
Sell
750-760 - 11k ETH
800 - 11k ETH
Buy
650- 11k ETH
Volatility: Highly volatile in bullish sentiment
Local Support: $700
Next Support: $650
Local Resistance: $750
Next Resistance: $800
Key Fundamentals:
- GrayScale Buys Another 130,000 ETH - Bullish
Grayscale's Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether (ETH), or 2.24% of ETH's entire capitalization
- Successful launch of Ethereum 2.0 - Bullish
Further 2021 Trends
1. DeFi will continue to thrive
2. The rise of NFT (Non-Fungible Tokens)
3. ETH will become an investment opportunity
4. ETH mining will die in 2021
5. ETH will decouple from BTC
Personal Opinion:
With alot of expectation of BTC hitting $30k over the coming days it is driving a lot of excitement to Crypto in general with ETH being front of the line in the "ALT" market this is quite expected. It followed the Head and Shoulders pattern quite nicely albeit more aggressively than expected.
Based on some sell walls I feel there will be some resistance at $750 although quite a sharp rise to $790-$800 is to be expected - this arena is going to be very hard to break with it being a previous key peak.
We are currently moving into extremely oversold territory on the RSI for the first time on the RSI since the 16.12 so we can see a bit of strain on the upward movement incoming although no major bearish signs yet.
Prediction - $800 by 31.12 then correction to $750 maybe lower.
