ETH/USD LongETH/USD could be ready to gun for ATH within the
next week or two.
MA30 has crossed back above the EMA100 which
during this bull run has been a big indicator of
continued momentum to the upside, this is not
something to ignore. If price confirm flips the MA30
as support there will be more conviction in this target
playing out.
A Cup and Handle has formed inside the accumulation
area marked by the gray lines.
As long as the bottom trendline of the handle holds
and price doesn't close below the .5 Fibonacci
retracement line conviction in this play will be
increased.
Target for the C&H, derived from measuring the height
from the lowest wick on the cup to the neckline
of the cup,
puts the price of ETH after confirmed breakout from
the handle at
$2,468
Further extension to the 1.618 fib retracement line
is possible at
$2,514
even going as high as the upper gray trendline
Ichimoku (not pictured would make the chart messy)
It isn't fully bullish yet so this play requires more
confirmation before taking a less risky long here:
-Bearish TK cross happened, the Kijun now above the
Tenkan
-Lagging Span is in the candlesticks, needs to be
above price to be bullish
-Kumo Cloud is green which is bullish
-TK is above the Kumo Cloud which is bullish
-Lagging Span above Kumo Cloud which is bullish
Not entirely convinced just yet,
However given a few more candles with a:
-Confirmed bullish TK cross
-Lagging span above price
-Price S/R flipping above the top resistance line
of the handle
-Price S/R flipping MA30
then we would have a higher conviction long
into All Time High territory
EIP 1559 is a major catalyst for ETH growth as well
implementing a deflationary concept into ETH by
burning more ETH the more fees are paid during
transactions on the blockchain making itso total
supply will stagnate then start decreasing at a
rate of 1-4% a year is inherently bullish.
If not these next coming two weeks, this price target
will be hit sometime in the near future regardless.
It is just a matter of time.
