Today I want to analyze Ethereum(ETHUSDT) for you, many tokens are on the Ethereum network, and the increase or decrease of Ethereum directly affects most tokens.
So please stay with me.
Ethereum is trading in a Heavy Resistance zone($2,929_$2,652) near the Resistance lines and 200_SMA(Daily). It is worth noting that Ethereum is preparing itself for a third attack on 200_SMA(Daily).
In terms of Price Action Analysis, Ethereum could start to rise with the help of the Bullish Quasimodo Pattern and break out of 200_SMA(Daily) and Resistance lines.
In terms of Elliott Wave theory, Ethereum appears to have completed a main wave 4 near Important Support lines. The structure of the main wave 4 is a Double Three Correction(WXY). By breaking the 200_SMA(Daily) and Resistance lines, we can confirm the end of the main wave 4.
The ETHBTC(ETHBTC) chart conditions are bullish, so it seems like investing in Ethereum could be better than Bitcoin. At least if the market falls, Ethereum is likely to be less likely to suffer a decline.
Note: Over 150,000 Ethereum validators, representing approximately 15% of the network, signaled support for increasing the gas limit from 36 million to 60 million units. This proposed change aims to enhance network capacity, reduce transaction fees, and improve scalability. While this development could positively impact ETH's price by making the network more efficient, it's essential to monitor potential technical risks and ensure that decentralization is maintained.
Note: If Ethereum touches $2,547[Worst Stop Loss(SL)], we can expect further declines.
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Ethereum Analyze (ETHUSDT), 1-hour time frame.
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