Ethereum Updates
Let's go back to talking about Ethereum, after having hit all the targets in my previous articles.
The long-term picture has not changed, I remain bullish and I remain confident that, in the long run, the more eco-friendly mining, the speed of the blockchain, and the investment "space" will bring Ethereum very close to Bitcoin.
In the medium term, the situation is different.
This month's pull-back may not be over, although there is room for a Christmas rally to hit a November 10 high.
My forecast between now and the first months of 2022 is bearish, also considering the sinusoidal movement typical of Ethereum. A classic return to the average that could coincide with the Fibonacci 618 level and the volumetric node at $ 3200.
If my vision is correct, it will be important to see how these levels will hold up, because it would be a sign of ETH's strength and solidity, especially from a long-term perspective.
All this is obviously in the absence of macro-economic scenarios that could upset the markets, including crypto, as happened in March 2020, where Ethereum lost 68%. That would mean going back to $ 1750, which is unlikely.
Happy trading
Lazy Bull
DISCLAIMER: I am not a financial advisor nor a CPA. These posts, videos, and any other contents are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
The long-term picture has not changed, I remain bullish and I remain confident that, in the long run, the more eco-friendly mining, the speed of the blockchain, and the investment "space" will bring Ethereum very close to Bitcoin.
In the medium term, the situation is different.
This month's pull-back may not be over, although there is room for a Christmas rally to hit a November 10 high.
My forecast between now and the first months of 2022 is bearish, also considering the sinusoidal movement typical of Ethereum. A classic return to the average that could coincide with the Fibonacci 618 level and the volumetric node at $ 3200.
If my vision is correct, it will be important to see how these levels will hold up, because it would be a sign of ETH's strength and solidity, especially from a long-term perspective.
All this is obviously in the absence of macro-economic scenarios that could upset the markets, including crypto, as happened in March 2020, where Ethereum lost 68%. That would mean going back to $ 1750, which is unlikely.
Happy trading
Lazy Bull
DISCLAIMER: I am not a financial advisor nor a CPA. These posts, videos, and any other contents are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
Check my PnL and much more ----> Website
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.