ETH/USD The Path to $5,000+
Looking at the 3-day time frame of Ethereum we can see that its forming a bullish pennant after posting up a lower high than in May. However, this isn't a bear market because at the same time we've been creating lower highs, we've also been creating higher lows. It is just a matter of time before the price squeezes and inevitably breaks out to the topside and creates new highs going into the new year and Q1 2022.
Never doubt the Ethereum Tsunami. When the price starts picking up after this extended period of accumulation going into 2022, I believe ETH buyers will start soaring in and drive the price up close to $10,000 on this next pump. However, this pump is going to take a bit of time to set up as we're still currently falling from the 2nd local peak this year. At the moment we are trying to find a steady bottom across the board on cryptos with my ETH target being $2,292.
The $2,189 - $2,294 support zone will catch the falling knife price of ETH along with this uptrend that has caught both previous double bottom patterns. After that, the price will continue ranging until it breaks out and starts targeting the 2.618, 3.618, and 4.236 Fib levels. There is major resistance holding the price back from breaking out of the $3,242 - $3,431 zone and it's going to take some time to accumulate before reversing back up and creating new highs.
As always please do your own research, I am not a financial advisor and this should not be taken as investment advice.
Never doubt the Ethereum Tsunami. When the price starts picking up after this extended period of accumulation going into 2022, I believe ETH buyers will start soaring in and drive the price up close to $10,000 on this next pump. However, this pump is going to take a bit of time to set up as we're still currently falling from the 2nd local peak this year. At the moment we are trying to find a steady bottom across the board on cryptos with my ETH target being $2,292.
The $2,189 - $2,294 support zone will catch the falling knife price of ETH along with this uptrend that has caught both previous double bottom patterns. After that, the price will continue ranging until it breaks out and starts targeting the 2.618, 3.618, and 4.236 Fib levels. There is major resistance holding the price back from breaking out of the $3,242 - $3,431 zone and it's going to take some time to accumulate before reversing back up and creating new highs.
As always please do your own research, I am not a financial advisor and this should not be taken as investment advice.
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