EthereumLong
Ethereum LONG to $20k
Updated
Ethereum has been trading in a long term channel, with one false break of the upper trend in January 2018's bull run.
Totalling three bounces off the lower trend, with the current on being a false break of the lower trend. Conformation back into the channel will likely result in a spike in price. Regardless, it is clear that Ethereum has a lot of room to the upside.
The Doji which formed in May 2021, which identifies the key upper and lower price levels of the bulls and bears, the top being 4773.95, which acted again as support in November and December 2021 before price rejected and fell to test the lower channel support.
This same level is the first resistance Ethereum must break, once achieved, Ethereum will then come up to test the channels equilibrium line, which will be 20k at a minimum, depending on how long it takes to move.
We can see that Ethereum's monthly RSI is nowhere near over bought territory (62.39), which falls usually around 89.55, providing Ethereum with plenty of room to the upside from here.
Ethereum's outlook is in-line with Bitcoin, which I also expect to head upwards substantially. As well as this, the S&P500 is very close to falling once it hits $6650.
Fundamentally, the technical outlook lines up perfectly with the conditions across the globe, with Trumps harsh tariffs on imports, the geopolitical tension, the Federal Reserve and other Central Banks lowering interest rates whilst the yield curves are un-inverting. It is inevitable.
Take a look at my S&P500 idea, and my Bitcoin idea below:
S&P500
Bitcoin
Totalling three bounces off the lower trend, with the current on being a false break of the lower trend. Conformation back into the channel will likely result in a spike in price. Regardless, it is clear that Ethereum has a lot of room to the upside.
The Doji which formed in May 2021, which identifies the key upper and lower price levels of the bulls and bears, the top being 4773.95, which acted again as support in November and December 2021 before price rejected and fell to test the lower channel support.
This same level is the first resistance Ethereum must break, once achieved, Ethereum will then come up to test the channels equilibrium line, which will be 20k at a minimum, depending on how long it takes to move.
We can see that Ethereum's monthly RSI is nowhere near over bought territory (62.39), which falls usually around 89.55, providing Ethereum with plenty of room to the upside from here.
Ethereum's outlook is in-line with Bitcoin, which I also expect to head upwards substantially. As well as this, the S&P500 is very close to falling once it hits $6650.
Fundamentally, the technical outlook lines up perfectly with the conditions across the globe, with Trumps harsh tariffs on imports, the geopolitical tension, the Federal Reserve and other Central Banks lowering interest rates whilst the yield curves are un-inverting. It is inevitable.
Take a look at my S&P500 idea, and my Bitcoin idea below:
S&P500
Bitcoin
Trade active
Eth has pushed back within the channel an is confirmed for a leg higher, creating a new all time high very soon.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.