ETH/USDT Expected downtrend breakout happened right at 1st Oct.
Intro:
- Ethereum still holds the biggest ecosystem and has running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
- The main issue is the scalability and therefore the transaction fees which are way to high at this stage.
- Ethereum still is the first choice after Bitcoin for big investors and remains attractive.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price shows a breakout out of the falling wedge/downtrend and keeps getting higher. From last chart we suggested to enter around 2900$ and congratulate you if you did so.
- Volume keeps decreasing and is very low for such a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows a breakout as well. We see that the 35 line did hold again and the RSI passed the 50line.
- Support lines are at 2800$, 1750$ and 1350$. The ascending yellow line can act as support as well.
- Resistance lines are at 3500$, 3950$and 4150$.
Expectation:
- We expect a further price appreciation over the next three months with some consolidation phases.
A first consolidation under the 3550$ line seems reasonable and a struggle in the 3950-4150$ range more than plausible.
- More and more people get heavily into Bitcoin and start pondering about their next investment. Taking Ethereum as next seems very likely.
- End of the year prediction: We will see a 10k$+ Ethereum before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- Ethereum still holds the biggest ecosystem and has running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
- The main issue is the scalability and therefore the transaction fees which are way to high at this stage.
- Ethereum still is the first choice after Bitcoin for big investors and remains attractive.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price shows a breakout out of the falling wedge/downtrend and keeps getting higher. From last chart we suggested to enter around 2900$ and congratulate you if you did so.
- Volume keeps decreasing and is very low for such a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows a breakout as well. We see that the 35 line did hold again and the RSI passed the 50line.
- Support lines are at 2800$, 1750$ and 1350$. The ascending yellow line can act as support as well.
- Resistance lines are at 3500$, 3950$and 4150$.
Expectation:
- We expect a further price appreciation over the next three months with some consolidation phases.
A first consolidation under the 3550$ line seems reasonable and a struggle in the 3950-4150$ range more than plausible.
- More and more people get heavily into Bitcoin and start pondering about their next investment. Taking Ethereum as next seems very likely.
- End of the year prediction: We will see a 10k$+ Ethereum before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
