Market

Ethereum show incredible strength with massive rejection🚀 for BINANCE:ETHUSDT by tumbler55

Ethereum still holds the biggest ecosystem and has running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
Ethereum still is the first choice after Bitcoin for big investors and remains attractive.
– SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
– 5 billion worth of Ethereum burned since August.

Daily chart:

– Price showed a flash crash together with the whole market and a massive rejection that prints the bullish daily candle of Saturday.

Currently we are within a large rising wedge and heading towards the apex where a breakout is expected.

Volume is still very low which confirms a consolidation phase.

RSI analysis shows a consolidation as well.

– Moving averages show that we currently are below the 20MA and the 50MA. This is a concern and we have to reevaluate next time.

– Support lines are at 3950$, 2850$, 1750$ and 1350$. All of them have been retested which is fantastic.

– Resistance lines are no more. The breakout out of the rising wedge leads to price discovery .

Expectation:

– We expect that Ethereum finds itself around 5k within the next week.

– Once we start moving up seriously FOMO begins and we can enjoy the ride.

– More and more people get heavily into Bitcoin and start pondering about their next investment. Taking Ethereum as next seems very likely.

– End of the year prediction: We will see a 7k$+ Ethereum before the end of 2021. We reduced the price target from 10k$ to 7k$ due to recent price actions.

Basic rules:

– Never buy the top/ ATH

– Take profit as long as you can (also partial profit is profit)

– Use Stop/loss for leveraged positions

– If you are not experienced, don’t leverage in the first place

Enjoy the ride and don’t be too greedy.

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We would love it if you could share your thoughts in the comments.

Discussions are very welcome here.

Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Cheers

ps.

Chart explanation:

Main lines:

– Green lines are tested support lines.

– Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.

– Cyan line is for volume trendline.

– White lines are Fibonacci retracement levels

Helplines:

– Purple lines are trendlines we take a look at.

– Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.

– Yellow lines are for visual help only.

Specials:

– Boxes represent either entry zone or support zone . Check the description.

– Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.

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