#EthereumFuture
Hey everyone, I’ve put together a detailed analysis on $ETH today—let’s dive right in.
In my previous post, I mentioned that $ETH was likely to form a bottom at a specific price level (refer to the first screenshot), and I advised you to start accumulating. That call marked the exact local bottom, and since then, ETH has rallied 34%.
Currently, there are several CME gaps around the present price range (see second screenshot), which I expect to be filled in the coming days.
Right now, $ETH is facing Fibonacci resistance (third screenshot), making this a strategic zone to consider booking some profits. If ETH consolidates here and gets rejected, we could see a dip toward the weekly order block around the $1200 level. While I think that scenario is unlikely, it’s wise to keep some USDT on hand just in case. For this bearish outlook to be invalidated, ETH needs to close a daily candle above the resistance zone.
Since May 2021, ETH has underperformed compared to BTC. However, it's now sitting on strong monthly support (see fourth screenshot), setting the stage for a potential rebound. That’s why I expect ETH to start outperforming BTC in the coming months. If this support fails, though, it could be a significant blow to ETH.
Overall, I’m anticipating a short-term pullback—there’s plenty of liquidity below $1700—but after that, ETH should see a strong move to the upside.
If you find this analysis helpful, don’t forget to like, follow, share, and drop a comment.
Happy Trading!
