ETH - key pennant levels to watch.
General:
Break above the 1877 (0.78 fib) - look for new highs
Break below the 1669 (0.5 fib) - brace yourself for another retest of the 2018 ATH 1418
Note:
If you remember the price action after the January 2018 top, you're likely cautious at this point, like me. However, given the developments in the space over the last 4 years (Institutional interest, Defi, NFTs, ETH2.0, EIP1559, and the general macroeconomic conditions, etc.) a higher high would not surprise me. In saying this headwinds like competition from ADA is now fiercer and ultimately, any move will likely be dictated by the big boy (BTC).
Conclusion:
So to conclude, I will be monitoring for a break of the pennant in either direction to decide what to do.
Break above the 1877 (0.78 fib) - look for new highs
Break below the 1669 (0.5 fib) - brace yourself for another retest of the 2018 ATH 1418
Note:
If you remember the price action after the January 2018 top, you're likely cautious at this point, like me. However, given the developments in the space over the last 4 years (Institutional interest, Defi, NFTs, ETH2.0, EIP1559, and the general macroeconomic conditions, etc.) a higher high would not surprise me. In saying this headwinds like competition from ADA is now fiercer and ultimately, any move will likely be dictated by the big boy (BTC).
Conclusion:
So to conclude, I will be monitoring for a break of the pennant in either direction to decide what to do.
Finance_Goku
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