ETHUSD Bullish Trend Analysis 2021-06-07 3:45pm
Here is my analysis for a bullish scenario for ETH.
Fibbonaci Retracements:
We're still above resistance level at $2698 (bottom of the area in red in the smaller Fibonacci retracement), and still above the bigger resistance at $2580 (bottom of the area in blue pale in the bigger Fibonacci retracement). Thus we can expect the trend to go upwards to reach higher levels of both retracements.
Above $2900 first in a couple of days (maybe tomorrow) and reaching to the $3200 levels around the end of the week or next week.
20MA/ 50MA cross:
The 20MA and 50MA seem to follow the trend and may cross soon after we reach the $3200 levels (possible retracement before hand). This cross will likely trigger a strong buy signal as it happened around March 28th at $1744 (area circled in green).
If such a scenario is right may reach close to ATH by the end of this month.
RSI:
You can also note we're at ideal levels on the RSI at around 48, breaking the RSI 50 line soon which is also a very strong buy level. So a shoot back to 80 RSI is in correlation with the buy signal hypothesis.
Hopefully I'm right.
PS: Sorry for all the colors :)
Fibbonaci Retracements:
We're still above resistance level at $2698 (bottom of the area in red in the smaller Fibonacci retracement), and still above the bigger resistance at $2580 (bottom of the area in blue pale in the bigger Fibonacci retracement). Thus we can expect the trend to go upwards to reach higher levels of both retracements.
Above $2900 first in a couple of days (maybe tomorrow) and reaching to the $3200 levels around the end of the week or next week.
20MA/ 50MA cross:
The 20MA and 50MA seem to follow the trend and may cross soon after we reach the $3200 levels (possible retracement before hand). This cross will likely trigger a strong buy signal as it happened around March 28th at $1744 (area circled in green).
If such a scenario is right may reach close to ATH by the end of this month.
RSI:
You can also note we're at ideal levels on the RSI at around 48, breaking the RSI 50 line soon which is also a very strong buy level. So a shoot back to 80 RSI is in correlation with the buy signal hypothesis.
Hopefully I'm right.
PS: Sorry for all the colors :)
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