EthereumLong
ETH - Holds Mid-Channel while 1W RSI Bottomed (Oversold)
ETH is holding the mid-term support (mid-Channel). I hold ETH for around $560 and $1180.
Overall, I am bullish on ETH with a long-term target towards 1T MC or +/- 8000/ETH. Here are the scenarios during ETH Merge.
a) Bullish (Buy rumors and sell the news)
b) The current rally post-RSI oversold (1W), could print a lower high towards 2200-2400.
c) The first dip from such a lower high could be 20-40% (with an ultimate low around $1420 which is the previous ATH. I will rebuy the first dip and exit close to 1800-2000 in the range as volatility is high.
d) Subsequent dip and given future FUD, can bring ETH down to Channel Bottom or -90% crash. This also accounts for the ongoing FUD of recession and global economic situation. For such a crash case, I'll keep cash ready to buy more ETH below the latest low i.e. $900 or below. I'm not chasing ETH hard as I know the ultimate trend is upward. $200 I can give up while holding long-term.
So, I put the clear cases - in all cases for me ETH is a buy for 5x or 8x by 2025.
Consider the big picture and avoid over-trading or intra-day trading these days.
Overall, I am bullish on ETH with a long-term target towards 1T MC or +/- 8000/ETH. Here are the scenarios during ETH Merge.
a) Bullish (Buy rumors and sell the news)
b) The current rally post-RSI oversold (1W), could print a lower high towards 2200-2400.
c) The first dip from such a lower high could be 20-40% (with an ultimate low around $1420 which is the previous ATH. I will rebuy the first dip and exit close to 1800-2000 in the range as volatility is high.
d) Subsequent dip and given future FUD, can bring ETH down to Channel Bottom or -90% crash. This also accounts for the ongoing FUD of recession and global economic situation. For such a crash case, I'll keep cash ready to buy more ETH below the latest low i.e. $900 or below. I'm not chasing ETH hard as I know the ultimate trend is upward. $200 I can give up while holding long-term.
So, I put the clear cases - in all cases for me ETH is a buy for 5x or 8x by 2025.
Consider the big picture and avoid over-trading or intra-day trading these days.
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.