Hello Traders, Investors and Friends, happy holidays!
Today I want to talk to you about ETH.
I made a few conclusions about Ethereum.
Today I want to talk to you about ETH.
I made a few conclusions about Ethereum.
- Long-term
I think $570 is a extremely strong support level because it's also fibonacci 0.886 level.
I set up my final target at $570 level which mean I think the fibonacci 0.886 level is the historical bottom of Ethereum.
Then, when the bitcoin halving comes in 2024, I think Ethereum will start a big pump and break any resistance level and continue raising.
And I think Bitcoin will lead Ethereum up and ignore FUDs until it reach the top of the raising wedge.
So I set up $7000 as the my second final target of Bitcoin's next bull cycle.
- Short-term
Recently the price tested resistance level and local high and failed.
Currently Ethereum bounced from local high to support zone $1169.42-$1181.69 (fib 0.618-0.66) and bounced up.
At the moment the price broke the 2-wave level (orange line) and pulled back, and now it trades near resistance level $1201.91 (fib 0.236).
So I expect that price can make a small correction to resistance level (fib 0.236).
And, I think price will fall down from resistance level (fib 0.382) and go lower.
I set up my first target at previous low and support level $1085.93 (orange line).
Then, I set up second target at previous low $1073.53 level.
Personally, I think $1073.53-$1085.93 is a extremely strong support area because it tested three times and it still wasn't broken.
Then, I expect such a scenario like like Wyckoff Accumulation Model happen.
So, I think $1073.53-$1085.93 might be a best opportunity to buy/long.
- At last
This is my opinion, I really hope it will be useful for you.
This is an article not financial advice, always do your own research.
And please don't forget to support this idea with your like and comment, It means a lot to me, thanks.
Be prepared and save your money. Make big profits!
Happy trading!
