Ethereum Could Be On The Verge Of A Macro Breakout
First things first, I'm not a financial advisor.
Ethereum is looking primed to break out of a structure resembling an ascending triangle on the weekly timeframe.
This chart shows all the potential future targets based on fibonacci extensions if the bulls happen to take full control of the market.
All extensions are based on a logarithmic scale.
As long as the 4000 USD area is not violated on a weekly basis, I remain bullish looking for further continuation.
The first two extensions would probably be nothing more than temporary pullbacks, as I'm eyeing at least the 161.8% extension for a potential medium or long term top, although I believe the macro could definetely push beyond that level, probably not above the 300% extension, however, which would see Ethereum at about 28000 USD.
Keep in mind, anything above the 161.8% extension is just dubious speculation (as someone would say) for now.
While these targets might seem too aggressive, I believe we haven't even entered the final euphoric stage of this bull market yet, which could have us see much higher prices than anyone expects.
Also, all other indicators shown in this study are flipped up on this timeframe, but rest assured they're also looking bullish on any other timeframe that matters.
As always, whatever trade you take, keep the risk management on point.
Good luck.
Ethereum is looking primed to break out of a structure resembling an ascending triangle on the weekly timeframe.
This chart shows all the potential future targets based on fibonacci extensions if the bulls happen to take full control of the market.
All extensions are based on a logarithmic scale.
As long as the 4000 USD area is not violated on a weekly basis, I remain bullish looking for further continuation.
The first two extensions would probably be nothing more than temporary pullbacks, as I'm eyeing at least the 161.8% extension for a potential medium or long term top, although I believe the macro could definetely push beyond that level, probably not above the 300% extension, however, which would see Ethereum at about 28000 USD.
Keep in mind, anything above the 161.8% extension is just dubious speculation (as someone would say) for now.
While these targets might seem too aggressive, I believe we haven't even entered the final euphoric stage of this bull market yet, which could have us see much higher prices than anyone expects.
Also, all other indicators shown in this study are flipped up on this timeframe, but rest assured they're also looking bullish on any other timeframe that matters.
As always, whatever trade you take, keep the risk management on point.
Good luck.