Ethereum (ETH) Prepares For New Rally With A Target Of $ 1,800

CONTENT

  • ETH declined as a result of the formation of a double top

  • Support is in the $ 1 215 area

  • Long-term trend for ETH / USD and ETH / BTC remains bullish

International consortium of news organizations developing transparency standards.

At the auction on January 25, the Ethereum (ETH) rate reached a new record high in the area of ​​$ 1,475

Despite the decline, ETH found short-term support and is likely to resume growth in the near future.

Historical maximum

Ethereum set a new all-time high (ATH) at $ 1,475 in the Asian session on January 25, 2021, breaking the previous price record set at $ 1,391.

Join our telegram channel to keep abreast of the main trends in the crypto market.

On the weekly chart, the coin is showing no signs of weakness so far, despite parabolic gains. All three indicators – MACD, RSI and Stochastic – remain bullish.

Moreover, long lower shadows around the last two weekly candles indicate that buying pressure is increasing. Thus, the trend remains long-term..

Read Ethereum expert predictions for 2021 in our roundup

ETH TradingView Chart

Intraday movements

A double top is forming on the daily chart, as well as a strong bearish divergence in the RSI and a shooting star candlestick pattern.

In addition, MACD is declining and the stochastic has formed a bearish cross, indicating the possibility of further correction in the short term..

ETH TradingView Chart

However, the two-hour chart shows that the double top decline has already occurred. It ended exactly at the 0.618 Fibonacci retracement level. ETH bounced off this support and resumed growth.

Technical indicators turned in a bullish direction, which confirms the high probability of further strengthening.

ETH TradingView Chart

ETH wave analysis

Cryptocurrency trader @Incomesharks notes ETH may rise to $ 1,800 by end of March.

Source: Twitter

The most likely wave count suggests that ETH has completed a fourth wave of bullish impulse (shown in white) that started from the March lows. Now the price has started to form the fifth wave.

The fourth wave was corrective. The top of the fifth wave is likely to be formed in the area of ​​$ 1,760 and 1,787 – this is the Fibonacci 4.61 extension of the first wave (orange line) and the Fibonacci retracement of 0.618 relative to the first and third waves. This is in line with the goal stated in the tweet..

ETH TradingView Chart

Ethereum (ETH) Prepares For New Rally With A Target Of $ 1,800

WARNING – SELLING MY ETH!!! BITCOIN BUYER REVEALED AND 100X ALTS FOR IMMINENT WEEKEND RALLY!!

Counting sub-waves for the last wave indicates that the first and second sub-waves have already formed and now the price is forming the third sub-wave.

A dip below the low of the first wave at $ 1,042 (red line) cancels out this wave count.

ETH TradingView Chart

ETH / BTC

The ETH / BTC chart gives bullish signals on almost all time frames. ETH has overcome the resistance ₿0.0395 and is now gradually moving towards the resistance ₿0.057

Ethereum rallies above $1700! Let’s look at theoretical limits!

Technical indicators support the possibility of further growth to the next resistance area ₿0.057.

ETH TradingView Chart

The daily chart also gives a similar picture: it broke and retested the area of ​​₿0.0395. Technical indicators signal further growth.

ETH TradingView Chart

findings

Long-term trend for ETH / USD and ETH / BTC remains bullish ETH / USD could rise to $ 1,800 and ETH / BTC to ₿0.057.

Here you can read the latest technical analysis for Bitcoin (BTC).

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Ethereum (ETH) Prepares For New Rally With A Target Of $ 1,800
Ethereum (ETH) Prepares For New Rally With A Target Of $ 1,800
Ethereum (ETH) Prepares For New Rally With A Target Of $ 1,800

Similar articles