In this technical analysis I will walk you through my expectations for ETH on the short term. The price is nearing a long term horizontal zone again, so I expect that the price will move to the ~$1220 horizontal zone with ease but then will struggle for a while.
You might be wondering where I get these horizontal zones from as you can see they are not directly linked to price behavior on the chart.
Since ETH is now trading at levels where we haven't seen price action recently, I decided to use the price zones from a longer time ago. Often, they still hold value and can give us an indication which areas are important for an asset.
I believe that the uptrend is incredibly strong, and we are looking at a test of the all time high very soon.
The all time high. Whoa. It felt so far away for such a long time, and now we're nearing it with great velocity.
If potentially we break the all time high, this will in turn create a very widespread awareness about the fact that the price is increasing and might cause even people who don't look at the chart daily to log in and start taking action.
I decided not to chart beyond it for now, as I want to keep a close look at the shorter timeframe action first.
As soon as the all time high breaks, lots of people would have been notified about ethereum who previously weren't concerned about it. Simply because the media helped to spread awareness. It would be in newspapers and online news websites.
Then, many things can happen. But the most likely scenario is an incredible influx of new demand pushing the price up. That's why I wouldn't necessarily sell near this resistance but hold and ride the wave instead.
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- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
You might be wondering where I get these horizontal zones from as you can see they are not directly linked to price behavior on the chart.
Since ETH is now trading at levels where we haven't seen price action recently, I decided to use the price zones from a longer time ago. Often, they still hold value and can give us an indication which areas are important for an asset.
I believe that the uptrend is incredibly strong, and we are looking at a test of the all time high very soon.
The all time high. Whoa. It felt so far away for such a long time, and now we're nearing it with great velocity.
If potentially we break the all time high, this will in turn create a very widespread awareness about the fact that the price is increasing and might cause even people who don't look at the chart daily to log in and start taking action.
I decided not to chart beyond it for now, as I want to keep a close look at the shorter timeframe action first.
As soon as the all time high breaks, lots of people would have been notified about ethereum who previously weren't concerned about it. Simply because the media helped to spread awareness. It would be in newspapers and online news websites.
Then, many things can happen. But the most likely scenario is an incredible influx of new demand pushing the price up. That's why I wouldn't necessarily sell near this resistance but hold and ride the wave instead.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
Also, consider how crazy this actually is. The price is rising in basically uncharted territory, making it very difficult location to apply TA. The trick that I applied was going back all the way until January 2018 and it actually showed perfect predictive power as the price bounced EXACTLY at that level, just like it did before.
This is the power of TA. Make notes!