#ETHUSDT Reasons WHY ETH could reach $5k by the May 2022!!
Gained 2k new followers in the last 6 weeks.
Thank you so much to all of you for your consistent support.
Now, let's get to the chart.
ETHUSDT is trying to break out of the channel.
A daily close above the channel would confirm the breakout.
It has been almost 128 days since the price is trading inside this falling wedge channel.
Technically a successful retest with green candle confirmation would result in a positive rally towards 3k 3.5k and even 4k.
Few conditions need to be fulfilled here:-
1. It maintains the channel resistance turned support.
2. Previous breakouts above the blue MA have resulted in a multiweek green market.
3. The blue MA needs to get above the Red MA which will be a positive sign.
4. As per fractals it could roughly reach the 5k target if the above conditions are done.
5. From possible bottom to higher target takes 114 days which gives us 3rd week of May 2022.
Do observe the chart there is more information given, do observe.
My thoughts:- I am bullish on ETH looking at the current PA but one more shakeout to trap the bears and liquidate the late longs would be the best time to enter if you don't have it yet. $2422 to $2600 is the best area to buy with an invalidation point of a daily close below $2177.
Hope it helps, if it does do hit the like button and share your views in the comment section.
Thank you
#PEACE
Thank you so much to all of you for your consistent support.
Now, let's get to the chart.
ETHUSDT is trying to break out of the channel.
A daily close above the channel would confirm the breakout.
It has been almost 128 days since the price is trading inside this falling wedge channel.
Technically a successful retest with green candle confirmation would result in a positive rally towards 3k 3.5k and even 4k.
Few conditions need to be fulfilled here:-
1. It maintains the channel resistance turned support.
2. Previous breakouts above the blue MA have resulted in a multiweek green market.
3. The blue MA needs to get above the Red MA which will be a positive sign.
4. As per fractals it could roughly reach the 5k target if the above conditions are done.
5. From possible bottom to higher target takes 114 days which gives us 3rd week of May 2022.
Do observe the chart there is more information given, do observe.
My thoughts:- I am bullish on ETH looking at the current PA but one more shakeout to trap the bears and liquidate the late longs would be the best time to enter if you don't have it yet. $2422 to $2600 is the best area to buy with an invalidation point of a daily close below $2177.
Hope it helps, if it does do hit the like button and share your views in the comment section.
Thank you
#PEACE
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BLOFIN - bit.ly/Cryptorphic
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Binance: bit.ly/cryptorphic1000
ELITES: bit.ly/Join_elite
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