Long-term Ethereum Analysis:
🔷ETH/USDT (1W Chart)
Ethereum, despite being the second largest market capitalization after Bitcoin, is the weakest performer compared to other network tokens.
Ethereum has been moving on an upward trend since March 30, 2020, in an ideal manner but was broken in the recent correction, which increased the negativity on Ethereum and the tokens.
As for my view, I believe that Ethereum has completed forming the bottom of the current wave. Notice on the RSI indicator at the bottom of the chart that whenever the price drops to the bottom of the indicator, a new upward wave begins.
However, the condition for Ethereum to achieve a new peak is to return above the overall upward trend shown in white. At that point, a Fake Breakout has occurred, which is a positive indicator and will lead to a strong launch in the tokens.