ETH DAILY : 2/1/21 $800 pipe dream on this run
ETH DAILY : 2/1/21
$800 pipe dream on this run
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Bearish
Daily: Bullish
Weekly: Very Bullish
Monthly: Very Bullish
Overall: Neutral
Sell Wall
$750-$760 - 20k ETH
Rejection expected here
Buy Wall:
$700 - 15k ETH
Volatility: Low & Controlled ascent
Volume: Consolidating/Descending for big move breakout soon
BTC Dominance - Breakout of the 71.49 resistance and rising - damaging for ALTS. Since ETH follows BTC closest then quite good news.
Local Support: $715
Next Support: $690
Local Resistance: $750
Next Resistance: $800
Key Fundamentals:
- GrayScale Buys Another 130,000 ETH - Bullish
Grayscale's Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether (ETH), or 2.24% of ETH's entire capitalization
- Successful launch of Ethereum 2.0 - Bullish
Further 2021 Trends
1. DeFi will continue to thrive
2. The rise of NFT (Non-Fungible Tokens)
3. ETH will become an investment opportunity
4. ETH mining will die in 2021
5. ETH will decouple from BTC
Personal Opinion:
I think we will see a very similar movement to BTC here and get rejected heavily at $750. With a retrace to the first resistance and possibly further to test the weekly/monthly pivots. Although breaking up the $750 will catapult it to $800 quite quickly.
Prediction is drive up to break $750 with sharp retrace to $715 and then $690
Let us know your thoughts in the comments.
$800 pipe dream on this run
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Bearish
Daily: Bullish
Weekly: Very Bullish
Monthly: Very Bullish
Overall: Neutral
Sell Wall
$750-$760 - 20k ETH
Rejection expected here
Buy Wall:
$700 - 15k ETH
Volatility: Low & Controlled ascent
Volume: Consolidating/Descending for big move breakout soon
BTC Dominance - Breakout of the 71.49 resistance and rising - damaging for ALTS. Since ETH follows BTC closest then quite good news.
Local Support: $715
Next Support: $690
Local Resistance: $750
Next Resistance: $800
Key Fundamentals:
- GrayScale Buys Another 130,000 ETH - Bullish
Grayscale's Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether (ETH), or 2.24% of ETH's entire capitalization
- Successful launch of Ethereum 2.0 - Bullish
Further 2021 Trends
1. DeFi will continue to thrive
2. The rise of NFT (Non-Fungible Tokens)
3. ETH will become an investment opportunity
4. ETH mining will die in 2021
5. ETH will decouple from BTC
Personal Opinion:
I think we will see a very similar movement to BTC here and get rejected heavily at $750. With a retrace to the first resistance and possibly further to test the weekly/monthly pivots. Although breaking up the $750 will catapult it to $800 quite quickly.
Prediction is drive up to break $750 with sharp retrace to $715 and then $690
Let us know your thoughts in the comments.
