ETHUSD $5000 LONG Target
Looking at the daily time frame of Ethereum to the US Dollar we can see that this coin obviously popped off after it broke out of this channel and 1.618 Fib @ $2709.
There is zero resistance between $2709 and $3821, the price has never been this high and we're going to go through some very interesting price discovery in the next few months.
I'm using Fibs because I have no other option to find levels of resistance or support. Moving forward, the next target of resistance would be $3821 at the 2.618 Fib level which looks like its going to hit tomorrow or Sunday morning before the weekly close and pull back a bit.
I believe this run is going to continue and we're going to see $5000 quicker than we think. The 3.618 Fib level @ $4933 is my real TP, $3821 will hit easily and most likely blow through this level.
Also something to take notice of is the ETH/BTC ratio, attached to this post is a chart of that I did on that last week.
As always please do your own research, I am not a financial advisor.
There is zero resistance between $2709 and $3821, the price has never been this high and we're going to go through some very interesting price discovery in the next few months.
I'm using Fibs because I have no other option to find levels of resistance or support. Moving forward, the next target of resistance would be $3821 at the 2.618 Fib level which looks like its going to hit tomorrow or Sunday morning before the weekly close and pull back a bit.
I believe this run is going to continue and we're going to see $5000 quicker than we think. The 3.618 Fib level @ $4933 is my real TP, $3821 will hit easily and most likely blow through this level.
Also something to take notice of is the ETH/BTC ratio, attached to this post is a chart of that I did on that last week.
As always please do your own research, I am not a financial advisor.
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