ETH Ethereum - Target For Upside
Hello friends, today you can review the technical analysis on the 1D (daily) log scale chart for Ethereum ( ETHUSD ), an altcoin cryptocurrency. When reviewing this chart, keep in mind it is on a macro perspective and not looking at the day to day activity.
#CryptoPickk noted in the chart:
1) The Ethereum price has been in a Parallel Channel since the end of 2019 with the price being supported on the bottom and top trendlines. On a macro perspective, the Ethereum price has been moving up a Rising Wedge Pattern (in yellow color) since inception. The price is at the breakout point of the Rising Wedge and at the bottom trendline of the Parallel Channel, so there may be a potential for a break out of the Rising Wedge Pattern in the near term. This would only be considered if Volume comes through.
2) Assuming the Volume comes in and price moves up, the target price is estimated around 16K. This was determined using Fibonacci Extension levels showing the previous Bull Market where the price met the 3.618 Fib level before retracing back down. Assuming that happens again at the 3.618 Fib level, the price would reach a target of around $16,000.
3) Interestingly at 16K range, the price would be above the Parallel Channel Median Line and it may go even higher if it consolidates above the Median Line for a period of time to reach the top of the Parallel Channel.
4) From the BTC upside analysis completed (shown in the idea section below), the estimated timeframe of BTC to hit the All Time High is in March 2022, so assuming Ethereum follows the same trend of 2017-2018, Ethereum would reach an all time high in April 2022. This is shown on the chart.
5) The chart and analysis is based on historical data trends and the price of Ethereum does not need to follow that. It is extremely important to keep a close eye on Bitcoin, economic markets and the financial markets.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk noted in the chart:
1) The Ethereum price has been in a Parallel Channel since the end of 2019 with the price being supported on the bottom and top trendlines. On a macro perspective, the Ethereum price has been moving up a Rising Wedge Pattern (in yellow color) since inception. The price is at the breakout point of the Rising Wedge and at the bottom trendline of the Parallel Channel, so there may be a potential for a break out of the Rising Wedge Pattern in the near term. This would only be considered if Volume comes through.
2) Assuming the Volume comes in and price moves up, the target price is estimated around 16K. This was determined using Fibonacci Extension levels showing the previous Bull Market where the price met the 3.618 Fib level before retracing back down. Assuming that happens again at the 3.618 Fib level, the price would reach a target of around $16,000.
3) Interestingly at 16K range, the price would be above the Parallel Channel Median Line and it may go even higher if it consolidates above the Median Line for a period of time to reach the top of the Parallel Channel.
4) From the BTC upside analysis completed (shown in the idea section below), the estimated timeframe of BTC to hit the All Time High is in March 2022, so assuming Ethereum follows the same trend of 2017-2018, Ethereum would reach an all time high in April 2022. This is shown on the chart.
5) The chart and analysis is based on historical data trends and the price of Ethereum does not need to follow that. It is extremely important to keep a close eye on Bitcoin, economic markets and the financial markets.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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