ETH/BTC Long Scenario -- 12%/35%/55%
Technical Analysis: Bullish moment coming off a double bottom looks to continue for up to a 55% gain.
ETH completed a 30% double bottom, wicking as low as 0.01614 and then hit the double bottom target of 0.02852 in a 72.5% up swing.
The price has since retraced now looks to primed to move 12.65% upward to retest .02852 at target price #1 and form cup an handle pattern.
Upon breaking the neckline look for a move to target #2 at 0.03431, which is 35.31% up and sits just below Fib and previous resistance levels.
Target 3 at .03942 is the target for the cup and handle breakout and also sits just shy of Fib and previous resistance.
Fundamental Analysis: Defi and ETH 2.0 will drive further demand.
ETH is nearing the rollout of the final ETH 2.0 testnet.
Once live, Eth will switch from PoW (Proof of Work mining) to PoS (Proof of Stake) which will requiring holding a minimum 32 ETH to become a validator and earn stake rewards on the network.
Recent reports reveal that nearly 80% of the total supply of ETH wallets is now being held in wallets containing at least 32 ETH to allows participation in staking rewards once the new ETH 2.0 network goes live..
As the ETH 2.0 comes closer expect more buying pressure and movement out of exchanges as more investors look to participate in earning staking rewards.
Additionally, the bloom of DeFi apps requiring ETH as gas and using ETH for various DeFi applications and ERC20 token swaps will further drive further demand.
Note: Note Investment advice. Crypto is volatile and market conditions can change rapidly at any moment.
ETH completed a 30% double bottom, wicking as low as 0.01614 and then hit the double bottom target of 0.02852 in a 72.5% up swing.
The price has since retraced now looks to primed to move 12.65% upward to retest .02852 at target price #1 and form cup an handle pattern.
Upon breaking the neckline look for a move to target #2 at 0.03431, which is 35.31% up and sits just below Fib and previous resistance levels.
Target 3 at .03942 is the target for the cup and handle breakout and also sits just shy of Fib and previous resistance.
Fundamental Analysis: Defi and ETH 2.0 will drive further demand.
ETH is nearing the rollout of the final ETH 2.0 testnet.
Once live, Eth will switch from PoW (Proof of Work mining) to PoS (Proof of Stake) which will requiring holding a minimum 32 ETH to become a validator and earn stake rewards on the network.
Recent reports reveal that nearly 80% of the total supply of ETH wallets is now being held in wallets containing at least 32 ETH to allows participation in staking rewards once the new ETH 2.0 network goes live..
As the ETH 2.0 comes closer expect more buying pressure and movement out of exchanges as more investors look to participate in earning staking rewards.
Additionally, the bloom of DeFi apps requiring ETH as gas and using ETH for various DeFi applications and ERC20 token swaps will further drive further demand.
Note: Note Investment advice. Crypto is volatile and market conditions can change rapidly at any moment.
Trade closed: target reached:
Target price 1 hit. ETH will now test resistance at the neckline.
Comment:
Hit .03277 for a 27.76% gain. As shown this is a previous area of contention right just before TP2. BTC just tested 10k again was meant with very strong selling pressure.
Comment:
TP 2 hit for 35.31% gain. Soon after reaching the target strong profit taking was seen in ETH and most crypto pair.
hit
hit
Comment:
Another strong move from ETH toward TP 3. Now up just shy of 45%. Against the dollar ETH is now $424.
Comment:
Hit a 48.82% gain so far. Looking for the local high to be retested and move toward TP 3 as ETH 2.0 launch nears.
Comment:
Another ETH/USD push here. Now just over 3% from the final TP to wrap up a 55% gain.
Trade closed: target reached:
55% Target Reached: