Friends, I have made a detailed analysis today about ETH. Let's not waste time.
In my previous post, I clearly stated that ETH should start forming a bottom at that price (check the first screenshot) and told you to start buying. That was the right local bottom and now ETH is up 34%.
There are many CME gaps around the current price (check the second screenshot) on ETH that should be filled in the coming days.
Now, ETH is at Fibonacci resistance (check the third screenshot) which is a good area to take some profits. If ETH consolidates here, then a rejection will bring ETH to the weekly OB that is in the $1200 zone. In my opinion, that is very unlikely but prepare some USDT to buy ETH if you get that price. Bulls need to close the daily candle above that resistance to invalidate this idea.
ETH has underperformed compared to BTC since May '21. Now it is at strong monthly support (check the fourth screenshot) to bounce. That’s why I expect ETH to outperform BTC in the coming months. Breaking this zone would be destructive for ETH.
So, overall, I expect a small pullback on ETH (lots of liquidity is below $1700). After that, ETH should rise strongly.
As always, give me a like, follow me, share, and comment if my content helps you.
HAPPY TRADING 🫡
