CountOnCrypto - Ethereum Forecast - 05/02/2021

A simpler idea for Ethereum today, I am looking for it to either breakout bullish/ bearish.

I used the SlingShot indicator with the 30m 50 SMA to confirm bullish strength to start building up a long position between here and the lower Fibonacci levels.

• If we break bullish then I would expect us to near towards $1920-$1970 toward my 1.618 Fibonacci level.
  
  
• If we break to the downside of this formation I would expect us to have a chance to bounce off the .786 Fibonacci retracement level. We could then see a further pullback to the .618 and .5 accordingly.
  
  
• I would also be happy with us to consolidate sideways until further testing these Fibonacci levels, some less volatile price action is healthy.
  

Please make sure to trade responsibly with risk management and a stop loss, do your own research before trading.

Thank-you for all the likes, comments and follows, expect to see more ideas like this one!