Since we are coming to the end of February in 4 days, I felt the need to do this analysis. I think the critical level for Ethereum in the monthly timeframe is $1828. This is because the moving average is at that level. I think that Ethereum, which has always followed this moving average in history, will follow this moving average again this time. The monthly close of Ethereum above this level may also mean the beginning of the bull market. For this reason, it seems that for those who have not bought Ethereum yet or for investors who want to lower their risks as much as they can, following this level and buying when a monthly closing is made will minimize the risks.
A second scenario will occur if Ethereum is rejected at this level. If Ethereum is rejected from this level, the support levels of the Fibonacci retracement will be seen. The target for the bear scenario will be $771 if there is no return from $1177 first and then $771.
I don't think there will be more of a bear scenario for cryptos in this situation. I would also like to say that when the moving average is broken, I will personally add to the Ethereums in my pocket.
A second scenario will occur if Ethereum is rejected at this level. If Ethereum is rejected from this level, the support levels of the Fibonacci retracement will be seen. The target for the bear scenario will be $771 if there is no return from $1177 first and then $771.
I don't think there will be more of a bear scenario for cryptos in this situation. I would also like to say that when the moving average is broken, I will personally add to the Ethereums in my pocket.
Comment:
We have a breakout guys. Next month could be a pullback month but as long as it doesn't close under the moving average we're so good.