As shown by the horizontal red thick line & blue circles, $400 has been a historical area of both resistance and support.
For the better part of 2 years we have been trading sideways between $80 - $400 (props to anyone who bought sub-$100 ETH!)
We have now tested that $400 level for the 1st time in a long time. Once we break this level, I am fully expecting $1,000 to come fairly quickly.
Why $1,000? Well, it represents the 0.618 fib retracement, a very historical price level for TA people like myself. The other thing to consider behind $1,000 is that it is a psychological level (just like $1, $10, $100; people love nice even numbers like this, and price action we see is derived from the human emotion of traders/buyers).
Given the current state of the market, it seems very obvious to me that we will get to $1,000 sooner than most think.
For the better part of 2 years we have been trading sideways between $80 - $400 (props to anyone who bought sub-$100 ETH!)
We have now tested that $400 level for the 1st time in a long time. Once we break this level, I am fully expecting $1,000 to come fairly quickly.
Why $1,000? Well, it represents the 0.618 fib retracement, a very historical price level for TA people like myself. The other thing to consider behind $1,000 is that it is a psychological level (just like $1, $10, $100; people love nice even numbers like this, and price action we see is derived from the human emotion of traders/buyers).
Given the current state of the market, it seems very obvious to me that we will get to $1,000 sooner than most think.
Comment:
We did not quite reach the 1st target I had at $533 once $400 broke with volume.
But not all is lost my impatient crypto fans!!!
Price doubled in just over 1 month: from ~$244 to $288
Let me ask you this: If we consolidate back above $400 (which is what I am looking for next), why can't we go to $800-$1,000 in roughly the same time period?
Under a scenario where bitcoin is beginning to push towards it's ATH, and as a result the whole market begins a more bullish push upwards, ETH could easily exceed that type of price action.
Everything here to me looks very bullish
We did not quite reach the 1st target I had at $533 once $400 broke with volume.
But not all is lost my impatient crypto fans!!!
Price doubled in just over 1 month: from ~$244 to $288
Let me ask you this: If we consolidate back above $400 (which is what I am looking for next), why can't we go to $800-$1,000 in roughly the same time period?
Under a scenario where bitcoin is beginning to push towards it's ATH, and as a result the whole market begins a more bullish push upwards, ETH could easily exceed that type of price action.
Everything here to me looks very bullish
First Target (1): ~$533
Second Target (2): ~$1,000
After that: Blue Sky Break-out to NEW ATH :)