ETH/USD $5,000 Price Target
After the local high in May was formed at $4,300 , ETH came crashing all the way down to $1,700 - $2,000 to where it formed a double bottom pattern signaling a trend reversal. From this point, ETH did not stop gaining for 13 days, which made me a little suspicious that we we're going to dump leading into the EIP-1559 on August 5th. However, it broke out of the downtrend and now we are going to make higher highs.
Looking at the daily time frame of Ethereum we can see that the resistance at $3,800 turned support and we bounced off of there and just underneath $4,000 overnight. $4,000 is the next level which is the key psychological level we need to break in order to keep moving up. After that, there isn't too much resistance between $4,000 - $5,000 and that will happen faster than the gain from $3,000 - $4,000.
My next take profit 🎯 levels are:
TP1 🎯 $4161
TP2 🎯 $4339
TP3 🎯 $4933 (3.618 Fib)
Looking at the daily time frame of Ethereum we can see that the resistance at $3,800 turned support and we bounced off of there and just underneath $4,000 overnight. $4,000 is the next level which is the key psychological level we need to break in order to keep moving up. After that, there isn't too much resistance between $4,000 - $5,000 and that will happen faster than the gain from $3,000 - $4,000.
My next take profit 🎯 levels are:
TP1 🎯 $4161
TP2 🎯 $4339
TP3 🎯 $4933 (3.618 Fib)
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