On Weekly Basis:
ETH/USD completed its correction from 4800 to 1140 in its 3 Wave Down Correction. Previous top was made at 1350 in January, 2018 also a support level. Fibonacci 78.6% retracement from bottom 122 to top 4800 ends at 1140, a support level. It took a support at 1100 which is a long term horizontal support on weekly charts. It made a double bottom in December, 2022. Current rally has its base at 1550 with breaking a resistance at 2600. There is a golden cross over at 200 DMA, since then its on up trend with a target at 3950. RSI entered in overbought zone and could consolidate with zig zag formation. Currently it has completed A and B wave. After it has broken the downward trendline and continuously going up, may give a chance for long position with handsome gains. The current C wave could prove to be very strong.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.
ETH/USD completed its correction from 4800 to 1140 in its 3 Wave Down Correction. Previous top was made at 1350 in January, 2018 also a support level. Fibonacci 78.6% retracement from bottom 122 to top 4800 ends at 1140, a support level. It took a support at 1100 which is a long term horizontal support on weekly charts. It made a double bottom in December, 2022. Current rally has its base at 1550 with breaking a resistance at 2600. There is a golden cross over at 200 DMA, since then its on up trend with a target at 3950. RSI entered in overbought zone and could consolidate with zig zag formation. Currently it has completed A and B wave. After it has broken the downward trendline and continuously going up, may give a chance for long position with handsome gains. The current C wave could prove to be very strong.
Warning and Disclaimer:
Above prediction should not be taken as financial advise, it is a personal opinion.
Consult your financial advisor.
Investment is subject to market risks.
Past performance is not the guarantee for future performance.
It is for educational purpose only.