ETHEREUM has enormous upside potential based on this fractal.
Ethereum (ETHUSD) is supported by the Higher Lows trend-line that started on the March 2020 COVID bottom and recently the 4D MA50 (blue trend-line) is holding as its new Support. Having grown by +5400% since COVID on a straight aggressive parabolic rally and entering the 2022 Bear Cycle in a Megaphone pattern, it has naturally drawn comparisons with the 2016/2017 sequence.
This fractal also rose by +5200% since its bottom on a parabolic Channel and entered its 2016 Bear Cycle in a Megaphone. The support on its Higher Lows trend-line as well as the 2D MA50, initiated the 2017 parabolic rally. In addition, on both sequences, ETH priced the bottom after the RSI broke deep below the 30.00 oversold barrier.
The above data indicate that as long as ETH keeps clear of its Support level, we are potentially witnessing the start of a new parabolic rally. A $10000 price target may only be a year away.
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This fractal also rose by +5200% since its bottom on a parabolic Channel and entered its 2016 Bear Cycle in a Megaphone. The support on its Higher Lows trend-line as well as the 2D MA50, initiated the 2017 parabolic rally. In addition, on both sequences, ETH priced the bottom after the RSI broke deep below the 30.00 oversold barrier.
The above data indicate that as long as ETH keeps clear of its Support level, we are potentially witnessing the start of a new parabolic rally. A $10000 price target may only be a year away.
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