ETH UPDATE: we've seen a bullish consolidation around the highs with bearish divergences resulting in some sideways action for Ethereum over the past week. Where are we and what is next?
Well, I keep it short and simple. Institutions are buying ETH like there's no tomorrow. Supplies on exchanges is draining and bullish fundamentals are still stacking up. Be not confused, institutions, hedge and pension funds are buying or planning to buy. Market makers are trying push prices down for more institutional buying as well as closing their shorts they built around the highs. We're in a tough zone right here, either they need to drop ETH to 2850-2800 which they already did or break out with a fast move to the upside. Technicals are looking bullish Stochastic RSI formed a double bottom or W formation as well as the RSI, which has a bullish divergence compared to July lows. However that would only be the case if this is the actual local low! We can still retrace a bit further but it will be hard to break that buying wall below 3K and I doubt its even worth it for the market maker. Supply is just very low on ETH on exchanges and without some help from big miners bagging profit, I don't see ETH being very bearish. Also most of that mined ETH is now being traded OTC through Coinbase (the place where institutions bulk buy crypto). ETH is definitely their favorite after BTC, if not number one. This means, yes, it is different now. However, markets always come with uncertainty and you will have to deal with it, nothing is a given.
So my take is to look long term and not to worry so much about short term retraces as they are insignificant in the long run. ETH will be a major part of crypto long term and crypto will be a major part of finance and this world in general. So, question is what price action is involved with such scenario? Well, see that red and black line inside the green box? That is ladies and gentlemen the ultimate resistance to break to pave the way to a 10K ETH. Will we hit 10K this year? I doubt it. Will we hit 10K next year? Very possible. I keep saying this and I will say it again, buy and hodl is the best strategy for most of your portfolio. Patience is key, the rest is just speculation.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Well, I keep it short and simple. Institutions are buying ETH like there's no tomorrow. Supplies on exchanges is draining and bullish fundamentals are still stacking up. Be not confused, institutions, hedge and pension funds are buying or planning to buy. Market makers are trying push prices down for more institutional buying as well as closing their shorts they built around the highs. We're in a tough zone right here, either they need to drop ETH to 2850-2800 which they already did or break out with a fast move to the upside. Technicals are looking bullish Stochastic RSI formed a double bottom or W formation as well as the RSI, which has a bullish divergence compared to July lows. However that would only be the case if this is the actual local low! We can still retrace a bit further but it will be hard to break that buying wall below 3K and I doubt its even worth it for the market maker. Supply is just very low on ETH on exchanges and without some help from big miners bagging profit, I don't see ETH being very bearish. Also most of that mined ETH is now being traded OTC through Coinbase (the place where institutions bulk buy crypto). ETH is definitely their favorite after BTC, if not number one. This means, yes, it is different now. However, markets always come with uncertainty and you will have to deal with it, nothing is a given.
So my take is to look long term and not to worry so much about short term retraces as they are insignificant in the long run. ETH will be a major part of crypto long term and crypto will be a major part of finance and this world in general. So, question is what price action is involved with such scenario? Well, see that red and black line inside the green box? That is ladies and gentlemen the ultimate resistance to break to pave the way to a 10K ETH. Will we hit 10K this year? I doubt it. Will we hit 10K next year? Very possible. I keep saying this and I will say it again, buy and hodl is the best strategy for most of your portfolio. Patience is key, the rest is just speculation.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Kommentera:
ETH UPDATE: shifting out of the bearish zone. Back above the 50EMA on the 1hr. It needs to hold and tale out the 200EMA by gettinb above 3100 and follow through for bullish continuation!
Kommentera:
“We're in a tough zone right here, either they need to drop ETH to 2850-2800 which they already did or break out with a fast move to the upside.”
Fast move to the upside it is.
Fast move to the upside it is.
Kommentera:
ETH is at the target! 10K is imminent with the current burn rate… When? Im not sure but im sure it will happen… :)
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