Hello Traders!
ETH continues to move in an uptrend.
The price has corrected into the $3700 - $3970 buy zone and tested the MA100 on the daily timeframe.
There was a new announcement this week about ETH 2.0 launching soon and support for Arbitrum's layer-2 solution, which will increase network speed and significantly reduce transaction costs.
During the market correction, some of the big players were actively buying ETH. The reason for that is the switch from Proof of Work protocol to Proof of Stake with the launch of ETH 2.0. In order to become a validator of the network, you will have to buy and hold ETH, instead of the old video card mining.
All of these updates will serve as a strong foundation to support the price along with major fund buys.
We can start to accumulate a medium-term position between $3800 and $4100, and increase purchases after the price moves beyond the $4372 resistance level
We should close the position on a stop-loss after the price leaves under the support level of $3325
The profit taking targets will be the Fibonacci levels
$4664
$5195
$5726
$6258
Part of the position can be held in expectation of new levels of $8000 and $10000
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
ETH continues to move in an uptrend.
The price has corrected into the $3700 - $3970 buy zone and tested the MA100 on the daily timeframe.
There was a new announcement this week about ETH 2.0 launching soon and support for Arbitrum's layer-2 solution, which will increase network speed and significantly reduce transaction costs.
During the market correction, some of the big players were actively buying ETH. The reason for that is the switch from Proof of Work protocol to Proof of Stake with the launch of ETH 2.0. In order to become a validator of the network, you will have to buy and hold ETH, instead of the old video card mining.
All of these updates will serve as a strong foundation to support the price along with major fund buys.
We can start to accumulate a medium-term position between $3800 and $4100, and increase purchases after the price moves beyond the $4372 resistance level
We should close the position on a stop-loss after the price leaves under the support level of $3325
The profit taking targets will be the Fibonacci levels
$4664
$5195
$5726
$6258
Part of the position can be held in expectation of new levels of $8000 and $10000
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice