Could Pectra Upgrade leads Eth to 11K this cycle?
sentiment on ETH never has been that low while all the arguments against ETH will just be vanished with the upcoming Pectra upgrade
volume is as low as pre 2017 era so I think we can consider ourselves around June July 2017, when ETH made a ~70% retrace from 450 to 150 than peaked at 2K
Despite some delays I don't see why the upgrade will not happen...patience is key
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In a more technical view lets zoom to the daily timeframe
- its visible on the weekly chart: ETH bounced from weekly POC, saving it from collapse (?)
- around 0.5 fib now from low cycle to top cycle
- bounced back above that big blue trendline, its an important support that we dont want to loose
I would say the low has been done on the 11th of March, as for BTC
2 and a half possibilities here,
- bullish scenarios : I think there's too much stake on this asset, we bounce from here to see at least 2800 zone
either only up from now, either we go back to 1800 to make a double bottom, sort of H&S pattern kinda happening often at least this cycle
as long as we dont make a lower low this scenario is valid
in this scenario if the upgrade keep its promises and volume is back, I don't see why we wouldn retest new ATHs
- bearish scenario : we breakdown for a lower low aiming to 1600 area, the retest of the trendline above would fail and it would probably be the end of this bull market, that a lot of ppl have already called
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fast check on whats happening if we zoom again:
Heres the 4H
4H closes in 1 hour but as you can see for now ETH pinged from that blue trendline i think we really dont want to loose
I bought a bit again today, lets see
cheeeers
