ETH WEEKLY : 24/12/20
Found Support
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Very Bearish
Daily: Bearish
Weekly: Very Bullish
Monthly: V Strong Bullish
Overall: Short-Term Bearish Potential Reversal Point
Buy/Sell Wall:
Sell
640 - 10k ETH
Buy
550- 11k ETH
Volatility: Highly volatile - starting to stabilise
Local Support: $575
Next Support: $530
Local Resistance: $600
Next Resistance: $640
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:
Lots of great fundamentals but all very long term and more likely to take effect later in 2021.
It has found great support now - and the buy/Sell Walls are supporting evidence that it can track to $640 quite comfortably - although expected rejection here.
The correlation with BTC is still very high so if BTC collapses then it will bring ETH down, nothing new there. Although BTC is expected to track to $24k give ETH enough time to make its way to $640.
Found Support
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Very Bearish
Daily: Bearish
Weekly: Very Bullish
Monthly: V Strong Bullish
Overall: Short-Term Bearish Potential Reversal Point
Buy/Sell Wall:
Sell
640 - 10k ETH
Buy
550- 11k ETH
Volatility: Highly volatile - starting to stabilise
Local Support: $575
Next Support: $530
Local Resistance: $600
Next Resistance: $640
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:
Lots of great fundamentals but all very long term and more likely to take effect later in 2021.
It has found great support now - and the buy/Sell Walls are supporting evidence that it can track to $640 quite comfortably - although expected rejection here.
The correlation with BTC is still very high so if BTC collapses then it will bring ETH down, nothing new there. Although BTC is expected to track to $24k give ETH enough time to make its way to $640.
