RISK ON FOR ALL ASSETS - ETH/USD

2023年10月6日

Super bullish on ETHUSD and just on crypto in general. Risk on across all assets is a fact.

As we transition into October, ETHUSD, currently positioned at around $1650, showcases promising bullish indicators worthy of a rigorous analysis. Here's a distilled examination of the upcoming trend, devoid of retail trade sentimentality:

• Support Level Robustness: The $1600 mark has consistently served as a solid support level, demonstrating resilience amidst various macroeconomic factors.
  
• Network Upgrades: Imminent upgrades are anticipated to address scalability and security concerns, potentially enhancing Ethereum's market position.
  
• NFT Market Chaos: The continuous growth of the NFT market on Ethereum's platform highlights a lucrative asset class, expected to positively impact its market cap. Are NFTs dead? That's a stupid question
  
• Technical Indicators: An oversold RSI and a bullish MACD crossover signal potential for a price upswing.
  

Strategic Positioning:

• Long Position Entry: at the price of posting Dollar Cost Average as much as possible
  
• Profit Targets: $1850, followed by $2000.
  
• Profit Targets Long Term: $6600, followed by $8000.
  
• Stop Loss: Positioned below the $1600 support level.
  
• Long-term, Ethereum's trajectory aligns well into 2024, with cautionary notes around the broader cryptocurrency landscape as Bitcoin approaches the 88K mark.