Ethereum at a Decision Point.
Ethereum has seen an impressive run toward the previous ATH.
A few things can occur here.
1. This consolidation is more accumulation and will move up rapidly to the ATH ($1400). Sellers will need to become exhausted between 1050-1250 in order for this move to occur.
I watch Ethereum inflow to exchanges to determine the severity of a move down. If I see any large moves onto exchanges and price declining then I will exit my position.
2. Market will see a large sell off resulting in a 20-30% pull back, I would expect to see a wick/low of the 880~. Price would consolidate between 880-1020 for a day or two before retesting the initial breakdown from 1200. In order to exit my Ethereum I would need to see a move below 1150.
3. Ethereum and Bitcoin will become range bound between 1125-1250 and 38900-41500. This could occur for a week (5-7 days) before more volatility. During this period I would expect alt ratios to increase.
Key Metrics I track:
-Exchange Inflow/Outflow of Assets
-Stablecoin Issuance
-Lending Rates on DEFI platforms
-Funding rates for margin traders
-Long/Short Ratio
-Social Media Sentiment
-On-Chain Metrics; Gas Fees, Memepool, Large Token Transfers, Smart Contract Activity
A few things can occur here.
1. This consolidation is more accumulation and will move up rapidly to the ATH ($1400). Sellers will need to become exhausted between 1050-1250 in order for this move to occur.
I watch Ethereum inflow to exchanges to determine the severity of a move down. If I see any large moves onto exchanges and price declining then I will exit my position.
2. Market will see a large sell off resulting in a 20-30% pull back, I would expect to see a wick/low of the 880~. Price would consolidate between 880-1020 for a day or two before retesting the initial breakdown from 1200. In order to exit my Ethereum I would need to see a move below 1150.
3. Ethereum and Bitcoin will become range bound between 1125-1250 and 38900-41500. This could occur for a week (5-7 days) before more volatility. During this period I would expect alt ratios to increase.
Key Metrics I track:
-Exchange Inflow/Outflow of Assets
-Stablecoin Issuance
-Lending Rates on DEFI platforms
-Funding rates for margin traders
-Long/Short Ratio
-Social Media Sentiment
-On-Chain Metrics; Gas Fees, Memepool, Large Token Transfers, Smart Contract Activity
-The Truth is there for anyone willing to look for it-
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.