Ethecosystem
ETH/USDT Last consolidation before new ATH?- Ethereum still holds the biggest ecosystem and has running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
- The main issue is the scalability and therefore the transaction fees which are way to high at this stage.
- Ethereum still is the first choice after Bitcoin for big investors and remains attractive.
- SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
Daily chart:
- Price broke the next resistance around 3500$ an keeps moving upwards even touching the 3950$ line.
- Volume keeps decreasing and can be considered the calm before the storm when finally new ATH's are printed.
- RSI analysis shows that we are moving upwards alongside the yellow line. Nowhere near the 80 line yet and therefore still much room to grow.
- Support lines are at (3500$?), 2800$, 1750$ and 1350$. The ascending yellow line can act as support as well.
- Resistance lines are at 3950$and 4150$. Afterwards clear sky ahead.
Expectation:
- We expect a further price appreciation over the next three months with some consolidation phases. Currently we are within a consolidation phase which could end at any time.
- More and more people get heavily into Bitcoin and start pondering about their next investment. Taking Ethereum as next seems very likely.
- End of the year prediction: We will see a 10k$+ Ethereum before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
