Ethereum is still becoming the hottest topic right now as it will be in a merge for ETH 2.0 in the next one month as we know that this topic can be a nice confluence reason for ETH to potentially has one more push to the upside as the action to represent the people's FOMO.
Based on this technical perspective, we see such a strong resistance is now being tested by the price around $2000 region. This area is the area of alignment between 3 factors those are :
1. The psychological number of $2000 and people will consider this area as a selling point, that's why we will see further consolidation.
2. .382 Fibonacci level on current structure (potentially become a correction structure of the higher cycle's bearish impulsive wave).
3. This area is also the area of previous broken support which is now acting as a resistance.
Although the price is now trending right around the strong resistance level, still the key factor is the money inflow. If you see our previous analysis about market cap and the bitcoin, there is huge possibility we will see big amount of money inflow in the market and for sure, Ethereum will be the gem for the investors to take their money because of the recent topic of ETH 2.0 merge.
Our mid term target is to test the area of golden pocket zone around $2500 which is in alignment with this yellow resistance trend line.
Based on this technical perspective, we see such a strong resistance is now being tested by the price around $2000 region. This area is the area of alignment between 3 factors those are :
1. The psychological number of $2000 and people will consider this area as a selling point, that's why we will see further consolidation.
2. .382 Fibonacci level on current structure (potentially become a correction structure of the higher cycle's bearish impulsive wave).
3. This area is also the area of previous broken support which is now acting as a resistance.
Although the price is now trending right around the strong resistance level, still the key factor is the money inflow. If you see our previous analysis about market cap and the bitcoin, there is huge possibility we will see big amount of money inflow in the market and for sure, Ethereum will be the gem for the investors to take their money because of the recent topic of ETH 2.0 merge.
Our mid term target is to test the area of golden pocket zone around $2500 which is in alignment with this yellow resistance trend line.