CountOnCrypto - Ethereum Forecast 01/05/2021
Updated
I believe that we will see a correction to around $2250.
The ETH:BTC pair is currently at the top of the range in my opinion, I believe altcoins will have a run over the next few weeks. I'm expecting market makers to punish overleveraged positions and people who've fomo'd around the current price. I am not shorting this with leverage, I have in fact taken some profit from my spot ETH:USD which feels like a very sensible move considering I'm over 11x up on my initial ETH purchase.
This theory is supported by a few factors I have noticed, firstly; the ADX is currently giving indication we are nearing the top of the range, this will be confirmed in the next 3-4 days. If we don't break above the previous wave it would indicate the top is in. It's common that the ADX reads a level of around 25 when there is a need for change in supply and demand.
Secondly, the volume appears to be dropping off on the daily chart, the market never moves up/ down in straight lines for long; it moves in cycles.
In conclusion, taking some profit and not being greedy was the best decision for me personally. USDC was a great choice, can't wait to buy the dip! If this theory gets entirely invalidated I still have a large sum of Ethereum in my holding.
I hope you found this idea inciteful, remember to do your own research and only risk money in the market you are willing to lose!
The ETH:BTC pair is currently at the top of the range in my opinion, I believe altcoins will have a run over the next few weeks. I'm expecting market makers to punish overleveraged positions and people who've fomo'd around the current price. I am not shorting this with leverage, I have in fact taken some profit from my spot ETH:USD which feels like a very sensible move considering I'm over 11x up on my initial ETH purchase.
This theory is supported by a few factors I have noticed, firstly; the ADX is currently giving indication we are nearing the top of the range, this will be confirmed in the next 3-4 days. If we don't break above the previous wave it would indicate the top is in. It's common that the ADX reads a level of around 25 when there is a need for change in supply and demand.
Secondly, the volume appears to be dropping off on the daily chart, the market never moves up/ down in straight lines for long; it moves in cycles.
In conclusion, taking some profit and not being greedy was the best decision for me personally. USDC was a great choice, can't wait to buy the dip! If this theory gets entirely invalidated I still have a large sum of Ethereum in my holding.
I hope you found this idea inciteful, remember to do your own research and only risk money in the market you are willing to lose!
Note
$2550* (2250 was a typo)
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