Ethereum is heading for it's next resistance level, $550. A monthly resistance level that holds a significant value in keeping the price underneath this level. After closing above $498 a few hours ago and breaking the $500 barrier we haven't seen in 3 years, it is safe to say this is a bull run. Especially with Bitcoin about to break previous all time highs, it makes sense for the #2 crypto to follow suit and start approaching its all time highs of $1400.
But to get to that $1400 level it must pass $556 monthly resistance level and a handful of other very important levels holding the price back from all time high. Besides the $556 level, there is no resistance from where the price is currently at and touching $556, absolutely no resistance. Please try to find some resistance of significant value, I look at this chart all day and I can say every level I have marked out is valid and holds a significant amount of importance on my chart.
ETH is going to wick off $556 and pull back a bit, why didn't it stop at $498?
Because $498 isn't a real level of resistance, $470 was. Of course it was going to fly through $498 and $500 psychological resistance i've been saying this for the entire month, it is only a 4h level found above the $470 level which is a 3-year valley that just closed. There is going to be some bullish momentum blowing off steam, but where does that train run out of steam? $556. It doesn't make sense to stop this bullish momentum in no mans land after explosively closing out a 3-year valley.
Price may pull back below $500 offering a last chance entry going long.
Long Target
TP1 🎯$556
Thank you
As always please do your own research, I am not a financial advisor.
But to get to that $1400 level it must pass $556 monthly resistance level and a handful of other very important levels holding the price back from all time high. Besides the $556 level, there is no resistance from where the price is currently at and touching $556, absolutely no resistance. Please try to find some resistance of significant value, I look at this chart all day and I can say every level I have marked out is valid and holds a significant amount of importance on my chart.
ETH is going to wick off $556 and pull back a bit, why didn't it stop at $498?
Because $498 isn't a real level of resistance, $470 was. Of course it was going to fly through $498 and $500 psychological resistance i've been saying this for the entire month, it is only a 4h level found above the $470 level which is a 3-year valley that just closed. There is going to be some bullish momentum blowing off steam, but where does that train run out of steam? $556. It doesn't make sense to stop this bullish momentum in no mans land after explosively closing out a 3-year valley.
Price may pull back below $500 offering a last chance entry going long.
Long Target
TP1 🎯$556
Thank you
As always please do your own research, I am not a financial advisor.
Trade closed: target reached:
TP1 🎯$556 hit to a Tee
