ETH ANALYSIS : 26/12/20
...Knee's & Toe's???
Technical' s
15M: Bearish
1HR: Bullish
4HR: Very Bullish
Daily: Very Bullish
Weekly: Very Bullish
Monthly: V Strong Bullish
Overall: Bullish
Buy/Sell Wall:
Sell
640-650 - 15k ETH
670-680 - 15k ETH
Buy
550- 13k ETH
Volatility: Lookinh quite stable
Local Support: $600
Next Support: $550
Local Resistance: $640
Next Resistance: $670
Key Fundamentals:
- XRP SEC Lawsuit - Caused "Ripple" effect across the Crypto market - Bearish
- 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:
It followed previous prediction of tracking towards the $600 region before showing signs of slowing down, granted a little quicker than expected. There are some large sell orders in play at $640 region and $670 region specifically so $700 will be a very tough climb although very bullish outlook in general here.
A rejection down to 610 region is expected based on diminishing volume and natural rejection at $600 - not to mention potential mini-sell off from BTC at the $25k mark.
Yeah & Shoulders pattern forming from TA analysis so a good short term buying scenario sits at 610/600/590 in staggered orders with TP's of 635 and 690.
...Knee's & Toe's???
Technical' s
15M: Bearish
1HR: Bullish
4HR: Very Bullish
Daily: Very Bullish
Weekly: Very Bullish
Monthly: V Strong Bullish
Overall: Bullish
Buy/Sell Wall:
Sell
640-650 - 15k ETH
670-680 - 15k ETH
Buy
550- 13k ETH
Volatility: Lookinh quite stable
Local Support: $600
Next Support: $550
Local Resistance: $640
Next Resistance: $670
Key Fundamentals:
- XRP SEC Lawsuit - Caused "Ripple" effect across the Crypto market - Bearish
- 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:
It followed previous prediction of tracking towards the $600 region before showing signs of slowing down, granted a little quicker than expected. There are some large sell orders in play at $640 region and $670 region specifically so $700 will be a very tough climb although very bullish outlook in general here.
A rejection down to 610 region is expected based on diminishing volume and natural rejection at $600 - not to mention potential mini-sell off from BTC at the $25k mark.
Yeah & Shoulders pattern forming from TA analysis so a good short term buying scenario sits at 610/600/590 in staggered orders with TP's of 635 and 690.
