ETH seems likely to revisit 1200s this month
Ethereum's bullish momentum seems to be weakened on the daily chart, and I think it is aimed for a correction. The two major support areas are:
1. Yellow zone: $1318-$1400. If the price is still strong enough, I would expect it to test this zone and quickly rebound.
2. Green zone: $1450-$1222. If the price drop here, I think it will fluctuate and consolidate for a couple of weeks.
Since ETH's price is still above Kumo (Ichimoku cloud) and Tenkan above Kijun on both 1D and 4H charts, I would definitely not short the coin. The point is that I will set bids to scale in more coin (spot) at these areas, ideally the green zone. If this year is THE bullish year in the crypto's 4-year-cycle, I think we shall not see ETH below $1000 again.
1. Yellow zone: $1318-$1400. If the price is still strong enough, I would expect it to test this zone and quickly rebound.
2. Green zone: $1450-$1222. If the price drop here, I think it will fluctuate and consolidate for a couple of weeks.
Since ETH's price is still above Kumo (Ichimoku cloud) and Tenkan above Kijun on both 1D and 4H charts, I would definitely not short the coin. The point is that I will set bids to scale in more coin (spot) at these areas, ideally the green zone. If this year is THE bullish year in the crypto's 4-year-cycle, I think we shall not see ETH below $1000 again.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.