Long

ETHUSD - trend based fib targets.

ETH has held convincingly above its VWAP taken from most recent ATH.
Some similarities between 2020 and now may suggest a longer sustained uptrend once critical level of ~4k is broken through and held after retest.

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If 4k is claimed, the 0.5 fib line at ~$6500 is the next target I'm looking at for a local top.
Longer term trend lines have also been established now, ETH needs to make an aggressive move to the upside soon if it intends to hold the lower dashed green line.

Note

Note

ETH tried tried to break out of the large triangle pattern it's been in and retraced to the yellow .236 fib line shown.
If a positive break to the upside is to be delayed further, these yellow fib lines are my expected points of support.
Bullish expectations will start to fall apart for me if we lose the .618 and break out of the triangle to the downside.

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FIB LINES BASED ON LOG SCALE

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Closer look at how the fib lines coincide with the fixed range volume profile of the triangle.
Pretty big relative volume gap below 2300.

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Yellow fib lines seem to match up with small volume clusters in the profile as well further emphasizing these at short term levels of support.

rlando

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rlando

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