ETH/USDT Update: Great opportunity to buy cheap ETH.Last chance?
Intro:
- Ethereum currently has the biggest ecosystem and 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 change from POW to POS will help ETH to gain mass adoption.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.
Daily chart:
- We did get an upwards breakout out of the bullflag and ETH reached 4kUSD in price.
However together with BTC the whole market did crash 20% and ETH is back within the bullflag getting ready for a new upwards breakout.
- On the RSI side we did get an upwards breakout as well but are again below the descending orange line.
We now did break below the 50 line which currently looks like a bear trap. This will be confirmed once we break upwards again.
- The 50MA is coming for help to mark the current bottom.
(The following description is taken from last discussion.)
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The blue arrow shows a W shape recovery which is considered to be a strong pattern and signals a trend reversal.
- Currently trading volume stays rather low which signals that some people still don't believe in a trend reversal.
- We see a golden cross indicated by the yellow camera.
This time we see a strong separation between the different MA which is very bullish .
Expectation:
- We expect to continue the bullrun and aim for higher price targets.
- During the start of the week it seems likely to break upwards out of the bullflag again.
- We expect to hit the previous ATH soon within this month.
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.
Boxes:
- Either entry zone or support zone . Check the description.
- Ethereum currently has the biggest ecosystem and 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 change from POW to POS will help ETH to gain mass adoption.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states your opinion and maybe leads to further improvements considering my charts and explanations.
Daily chart:
- We did get an upwards breakout out of the bullflag and ETH reached 4kUSD in price.
However together with BTC the whole market did crash 20% and ETH is back within the bullflag getting ready for a new upwards breakout.
- On the RSI side we did get an upwards breakout as well but are again below the descending orange line.
We now did break below the 50 line which currently looks like a bear trap. This will be confirmed once we break upwards again.
- The 50MA is coming for help to mark the current bottom.
(The following description is taken from last discussion.)
- ETH dropped three times to the 1750$ level and did get a bounce each time.
- The blue arrow shows a W shape recovery which is considered to be a strong pattern and signals a trend reversal.
- Currently trading volume stays rather low which signals that some people still don't believe in a trend reversal.
- We see a golden cross indicated by the yellow camera.
This time we see a strong separation between the different MA which is very bullish .
Expectation:
- We expect to continue the bullrun and aim for higher price targets.
- During the start of the week it seems likely to break upwards out of the bullflag again.
- We expect to hit the previous ATH soon within this month.
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.
Boxes:
- Either entry zone or support zone . Check the description.
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