After reaching US$ 4,800, the Ethereum (ETH) has been carrying out a correction that could be one of the last opportunities before a new big high to US$ 6,000. What to expect from ETH and how to position itself at this moment is what we will see in today’s review!

Let’s start by looking at the daily chart ETHUSD which shows the ETH making a pullback after breaking the previous top at $4,300 USD and above an LTA (Uptrendline) which could indicate the end of this correction and the beginning of a new movement. High.

Daily Chart (D) Ethereum

On the weekly chart we also see point corrections like Ethereum’s current and strong uptrend.

Weekly Chart (W) Ethereum

Looking at the weekly chart with a Fibonacci extension, we also see the next targets of this current bullish wave with a final target at US$7,000 and an intermediate target at US$5,500.

Weekly Chart (W) Ethereum

Live eye on BTC pair

Meanwhile we have on the ETHBTC chart a Cup and Handle which is a classic figure and precedes a very strong bullish move when broken, at the moment the target for this move is 0.125 ie 1 ETH worth 0.125 BTC which would put our ETH at $7,200 dollars over the next few months/years.

If we have this movement taking place, the ETH will hardly reach US$ 6,000 dollars.

ETHBTC chart

In addition to all this, it is worth considering that now part of the ETH spent on transaction fees is completely burned (destroyed) and goes out of circulation, thus leaving ETH increasingly scarce. In the long term, it is likely that we will have a deflationary asset with the supply decreasing over time and its price increasing in the same proportion.

I would say we’re experiencing one of the few opportunities to buy Ethereum (ETH) under $5,000 a decade.

Also Read: Wolf Game Sells $52 Million NFTs in Five Days

Also read: TradingView Column: Market appears to be in equilibrium in the $57,000 region

Also read: Cardano suffers 50% drop in three months and loses space to Elrond and Metaverse tokens

LEAVE A REPLY

Please enter your comment!
Please enter your name here