ETH - Holds Mid-Channel while 1W RSI Bottomed (Oversold)
ETH is holding the mid-term support (mid-Channel). I hold ETH for around $560 and $1180.
Overall, I am bullish on ETH with a long-term target towards 1T MC or +/- 8000/ETH. Here are the scenarios during ETH Merge.
a) Bullish (Buy rumors and sell the news)
b) The current rally post-RSI oversold (1W), could print a lower high towards 2200-2400.
c) The first dip from such a lower high could be 20-40% (with an ultimate low around $1420 which is the previous ATH. I will rebuy the first dip and exit close to 1800-2000 in the range as volatility is high.
d) Subsequent dip and given future FUD, can bring ETH down to Channel Bottom or -90% crash. This also accounts for the ongoing FUD of recession and global economic situation. For such a crash case, I'll keep cash ready to buy more ETH below the latest low i.e. $900 or below. I'm not chasing ETH hard as I know the ultimate trend is upward. $200 I can give up while holding long-term.
So, I put the clear cases - in all cases for me ETH is a buy for 5x or 8x by 2025.
Consider the big picture and avoid over-trading or intra-day trading these days.
Overall, I am bullish on ETH with a long-term target towards 1T MC or +/- 8000/ETH. Here are the scenarios during ETH Merge.
a) Bullish (Buy rumors and sell the news)
b) The current rally post-RSI oversold (1W), could print a lower high towards 2200-2400.
c) The first dip from such a lower high could be 20-40% (with an ultimate low around $1420 which is the previous ATH. I will rebuy the first dip and exit close to 1800-2000 in the range as volatility is high.
d) Subsequent dip and given future FUD, can bring ETH down to Channel Bottom or -90% crash. This also accounts for the ongoing FUD of recession and global economic situation. For such a crash case, I'll keep cash ready to buy more ETH below the latest low i.e. $900 or below. I'm not chasing ETH hard as I know the ultimate trend is upward. $200 I can give up while holding long-term.
So, I put the clear cases - in all cases for me ETH is a buy for 5x or 8x by 2025.
Consider the big picture and avoid over-trading or intra-day trading these days.
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