In the screenshot above I've drawn a Fibonacci retracement on the 2017 correction prior to the bull-cycle top. Here we can clearly see that ETH made it all the way to the 4.272 extension before entering the bear-market.
If we draw the same kind of extension on the latest >60% correction, we get a 4.272 extension line which reaches $13,000. So, assuming the theory will hold, ETH will make it to
13K this cycle.
A
13K ETH is in line with the theoretical top prediction of Bitcoin which I shared a while ago. Both assumptions are based on the idea that history will repeat itself. A big assumption to make when we have so little data points to base our prediction on.The main point to take away from these analyses is that we've still got plenty of time and room to grow in the current cycle.
Happy trading!
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
Related publications
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.