ETHEREUM:USDT Has had one hell of a run! Fueled by ALTCOINS and DeFi bull markets, it really has pushed on, with an impressive 346% increase in value in November 2nd vs Bitcoin's 200% in the same period.
Now Ethereum seems to be approaching a local top, with a bearish divergence in the EWO (Elliot Wave Oscillator) and a decrease in volume as shown in the Volume profile on the right.
I really think this bull run can continue for a while longer, but ETH maybe needs some time to rest and consolidate at a lower level before the next leg up.
I would advise everyone to be careful and maybe take a few profits here and there to keep in stable coins, diversification is key to long term capital health in any markets.
I have also shown the possible Elliot wave movements to the top, with probably another 3 waves down towards 1200 if waves are correct.
The Fibonacci retracement is also used to demonstrate the possible areas of the pullback at around 0.236 to 0.5 (most probable area of pullback and consolidation before continuation of the uptrend)
Now Ethereum seems to be approaching a local top, with a bearish divergence in the EWO (Elliot Wave Oscillator) and a decrease in volume as shown in the Volume profile on the right.
I really think this bull run can continue for a while longer, but ETH maybe needs some time to rest and consolidate at a lower level before the next leg up.
I would advise everyone to be careful and maybe take a few profits here and there to keep in stable coins, diversification is key to long term capital health in any markets.
I have also shown the possible Elliot wave movements to the top, with probably another 3 waves down towards 1200 if waves are correct.
The Fibonacci retracement is also used to demonstrate the possible areas of the pullback at around 0.236 to 0.5 (most probable area of pullback and consolidation before continuation of the uptrend)
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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.