ETHEREUM Is it about to start an insane parabolic rally?
Ethereum (ETHUSD) has been consolidating since its High at the start of the year but on the longer term, the uptrend since the October 2023 Low is intact. The current analysis is basically an extension of our previous on November 23 2023 (see chart below):
As you can see the 1W MA50/ MA100 Bullish Cross (blue and green trend-lines respectively), has been formed for the first time since the August 17 2020 1W candle. That was the reason we previously drew comparisons with the August - September 2020 consolidation within the 0.618 - 0.5 Fibonacci range.
The 1W RSI is on a structured decline similar to that 2020 consolidation and that naturally can lead someone to believe that once it's over and a full 1W candle is closed above the 0.618 Fib, the Parabolic Rally of the Bull Cycle will start. So far even the symmetry from the Cycle Top to the current point in time is also identical to 2020 (around 970 days).
Do you think ETH will start an insane rally soon?
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As you can see the 1W MA50/ MA100 Bullish Cross (blue and green trend-lines respectively), has been formed for the first time since the August 17 2020 1W candle. That was the reason we previously drew comparisons with the August - September 2020 consolidation within the 0.618 - 0.5 Fibonacci range.
The 1W RSI is on a structured decline similar to that 2020 consolidation and that naturally can lead someone to believe that once it's over and a full 1W candle is closed above the 0.618 Fib, the Parabolic Rally of the Bull Cycle will start. So far even the symmetry from the Cycle Top to the current point in time is also identical to 2020 (around 970 days).
Do you think ETH will start an insane rally soon?
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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