Looking at the 12-hour chart of ETH we can see the full picture of the 2021 trading year. On the most recent dump down, you can see that Ethereum bounced off of the $1594 level (2017 ATH) and has been soaring upwards since. First breaking through $1784 as well as regaining the valley to hit the next take profit level at $2022, otherwise known as the local high formed back in February. ETH notably created a higher low even on the scam wick swing low down to the monthly support.
From here i'm expecting ETH to break out of this valley and break through the $2022 level as it heads to regain this upwards channel going long towards $2700.
The $2022 level not only is a psychological barrier at $2000, but also is the 1.0 Fib level, arguably the strongest of the Fibs. Once this level breaks to the topside, it is wraps. ETH is going to hit $2700 and above. At the same time this is going on, Bitcoin should also be posting new highs and hitting the $68,000 mark I called out a few days ago. Since then it has been trending upwards slowly but surely.
Thank you traders for your continued support, i'd love to hear your thoughts on the market in the comments below.
From here i'm expecting ETH to break out of this valley and break through the $2022 level as it heads to regain this upwards channel going long towards $2700.
The $2022 level not only is a psychological barrier at $2000, but also is the 1.0 Fib level, arguably the strongest of the Fibs. Once this level breaks to the topside, it is wraps. ETH is going to hit $2700 and above. At the same time this is going on, Bitcoin should also be posting new highs and hitting the $68,000 mark I called out a few days ago. Since then it has been trending upwards slowly but surely.
Thank you traders for your continued support, i'd love to hear your thoughts on the market in the comments below.
