$6000 Ethereum Next? Long Consolidation Period First
Updated
Green arrows highlight the ideal scenario for recovery. There are 3 levels I am currently watching - $2100, $2900, and $3500. We’ve already reclaimed the $2100 support. Broke out of a huge falling wedge recently on June 28th.
Here are a couple scenarios I’m thinking of:
Scenario 1: Reclaim $2900 with a 4HR close above. Next, reclaim $3500 with another 4HR candle, leading up to an eventual break of the ATH of $4400. We’re headed for $6000 ETH at this point.
Scenario 2: Losing $1700 support – could get messy fast, leading us to the $1400's. We absolutely do not want to lose $1400.
Declining volume with Daily RSI in neutral land at 50 – price stuck in a range without losing big support. Means that this asset is still in the consolidation phase with no clear trend yet. So be super patient, nothing’s happening at the moment. The end of this phase typically leads to an explosive breakout/trend in either direction.
Large ETH holders and/or institutions milking the proof of stake design for revenue - this will definitely continue to increase the buying pressure. Ethereum 2.0 improvements fixing the high gas costs could lead to more NFT activity on the network. In short: multiple factors lead to taking ETH tokens out of the circulating supply. The fundamentals are looking better than ever.
Daily MACD lighting up green and still holding on to the 200D EMA. Plenty of room for upside. Get ready.
Here are a couple scenarios I’m thinking of:
Scenario 1: Reclaim $2900 with a 4HR close above. Next, reclaim $3500 with another 4HR candle, leading up to an eventual break of the ATH of $4400. We’re headed for $6000 ETH at this point.
Scenario 2: Losing $1700 support – could get messy fast, leading us to the $1400's. We absolutely do not want to lose $1400.
Declining volume with Daily RSI in neutral land at 50 – price stuck in a range without losing big support. Means that this asset is still in the consolidation phase with no clear trend yet. So be super patient, nothing’s happening at the moment. The end of this phase typically leads to an explosive breakout/trend in either direction.
Large ETH holders and/or institutions milking the proof of stake design for revenue - this will definitely continue to increase the buying pressure. Ethereum 2.0 improvements fixing the high gas costs could lead to more NFT activity on the network. In short: multiple factors lead to taking ETH tokens out of the circulating supply. The fundamentals are looking better than ever.
Daily MACD lighting up green and still holding on to the 200D EMA. Plenty of room for upside. Get ready.
Trade closed manually
Entry: $2180Exit: $3260
Close enough, I'd like to see how price reacts at the $3300-3500 area. Especially after 3 weeks of up only. Break through that and I'll reassess.
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