ETHUSD. My Take. What's in it for the Long Run
Alright, Let's see what Eth has to offer
DAILY
So as we all know that eth kinda replicates btc's chart mst of the times and i have talked about that already.
So, this is my take on ETH.
Charts
Spiderlines
The mentioned spiderline seem to be resistive since feb 10th where we got rejected last time and got down. We have to overtake this resistance as we haven't been able to close a daily candle above it.
Adam&Eve
Not the best drawing but, kinda made this adam and eve here. Which markes the potential target to 4384.74.
I noticed this earlier and I am long on eth since 3108. I am not too sure about it hitting tis 4384.74 level and the reasons are discussed below.
Pitchfork.
Unlike Btc, the pitchfork for ETH is actually telling us something, and that something isnt nice. 0.618 level of pitchfork is what's bothering eth to not give a closure above 3550. But not everything about pitchfork is bad for eth.
Inside Pitchfork
If I flip Normal Pitchofork to Inside Pitchfork keeping.. We can clearly see that this 0.618 level has been overtaken which most of the times means a good bullish momentum ahead but with some decent consolidation or a bullish flag, yeah, bullish flag will be nice.
Key Levels (S&D Zones)
Looking at the daily key levels, We have successfully flipped the resistive supply zone and turned it into the demand zone successfully. We have a minor supply zone above that ranges between 3619-3727. Might touch it in 3 4 days.
Fib Channel.
For the Fib Channel, It's has overtaken the golden pocket afer consolidating in it for a week. which is a bullish sign, and next level for the FIb channel falls on price of 3792-3874 depending on how fast it goes to 0.5 fib level.
Fibonacci Extensions.
So the Extensions from the low of 24th jan to High of 10th feb suggests a resistive -0.236 level which actually makes sense so gotta have daily closure above 3550.06
Fib Retracement
This is ODD. 0.5 is playing nicely with ETH's price action, I think a gain of momentum is needed for this to overcome and we can head towards the retracement's golden pocket that lies in between the range of 3834-3964.
Volume Profile Fixed Range
It basically says we are in a good bullish zone but a retesting is required.
Indicators
RSI
Now this is convering and why it'll be hard for eth to even cross 3600 without consolidating for 2 3 weeks in this range.
RSI is exhausted. Last time we got below 23 RSI level was back in March 2020. and when we got back above 70RSI level, We pushed price up by 150%.
This time we were even below 22RSI level for ETH and now we are above 70 already and the price is pumped just 65%. 😦 Sad reacts only
EMA RIbbon
Ehh.. I dont like that ETH left the EMA Ribbon like the prevois red arrows, which didn't end up nicely. The ideal way is to keep tesing the EMA ribbon like the Green arrows for a nice move up. RETEST!! WHAT'S the HURRY!! I think the ribbons will open up soon and the gap will increase so nothing to much there to worry about.
Conclusion
Regardless of how many chart patterns are bullish and are in favor of eth to go abobe 4k, I think RSI will dominate all of them and will bring eth back to lower 20s or even higher 10s in the long run
DAILY
So as we all know that eth kinda replicates btc's chart mst of the times and i have talked about that already.
So, this is my take on ETH.
Charts
Spiderlines
The mentioned spiderline seem to be resistive since feb 10th where we got rejected last time and got down. We have to overtake this resistance as we haven't been able to close a daily candle above it.
Adam&Eve
Not the best drawing but, kinda made this adam and eve here. Which markes the potential target to 4384.74.
I noticed this earlier and I am long on eth since 3108. I am not too sure about it hitting tis 4384.74 level and the reasons are discussed below.
Pitchfork.
Unlike Btc, the pitchfork for ETH is actually telling us something, and that something isnt nice. 0.618 level of pitchfork is what's bothering eth to not give a closure above 3550. But not everything about pitchfork is bad for eth.
Inside Pitchfork
If I flip Normal Pitchofork to Inside Pitchfork keeping.. We can clearly see that this 0.618 level has been overtaken which most of the times means a good bullish momentum ahead but with some decent consolidation or a bullish flag, yeah, bullish flag will be nice.
Key Levels (S&D Zones)
Looking at the daily key levels, We have successfully flipped the resistive supply zone and turned it into the demand zone successfully. We have a minor supply zone above that ranges between 3619-3727. Might touch it in 3 4 days.
Fib Channel.
For the Fib Channel, It's has overtaken the golden pocket afer consolidating in it for a week. which is a bullish sign, and next level for the FIb channel falls on price of 3792-3874 depending on how fast it goes to 0.5 fib level.
Fibonacci Extensions.
So the Extensions from the low of 24th jan to High of 10th feb suggests a resistive -0.236 level which actually makes sense so gotta have daily closure above 3550.06
Fib Retracement
This is ODD. 0.5 is playing nicely with ETH's price action, I think a gain of momentum is needed for this to overcome and we can head towards the retracement's golden pocket that lies in between the range of 3834-3964.
Volume Profile Fixed Range
It basically says we are in a good bullish zone but a retesting is required.
Indicators
RSI
Now this is convering and why it'll be hard for eth to even cross 3600 without consolidating for 2 3 weeks in this range.
RSI is exhausted. Last time we got below 23 RSI level was back in March 2020. and when we got back above 70RSI level, We pushed price up by 150%.
This time we were even below 22RSI level for ETH and now we are above 70 already and the price is pumped just 65%. 😦 Sad reacts only
EMA RIbbon
Ehh.. I dont like that ETH left the EMA Ribbon like the prevois red arrows, which didn't end up nicely. The ideal way is to keep tesing the EMA ribbon like the Green arrows for a nice move up. RETEST!! WHAT'S the HURRY!! I think the ribbons will open up soon and the gap will increase so nothing to much there to worry about.
Conclusion
Regardless of how many chart patterns are bullish and are in favor of eth to go abobe 4k, I think RSI will dominate all of them and will bring eth back to lower 20s or even higher 10s in the long run
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