2021-10-25 18:10:36

ETH/USDT Ethereum Is Ready For 5k. Breakout Imminent For BINANCE:ETHUSDT By Tumbler55

Ethereum still holds the biggest ecosystem and has running smart contracts for a long time.
This headstart led to a big market dominance compared to its competitors like Cardano , Solana, Cosmos, etc.
– The main issue is the scalability and therefore the transaction fees which are way to high at this stage.
Ethereum still is the first choice after Bitcoin for big investors and remains attractive.
– SEC confirmed that crypto will not be banned and especially Bitcoin and Ethereum will not be banned.
– 2 billion worth of Ethereum burned since August.

Daily chart:

– Price currently breaks the last resistance before we find ourselves back in price discovery .

Volume keeps decreasing and can be considered the calm before the storm when finally new ATH’s are printed.

RSI analysis shows that we are in an uptrend and consolidating. Nowhere near the 80 line yet and therefore still much room to grow.

– Support lines are at 3950$, 2850$, 1750$ and 1350$.

– Resistance is seen within the region 4100-4300$. Afterwards clear sky is ahead.

Expectation:

– We expect that Ethereum breaks free any moment and 5k$ is reached within the next 4 weeks without any problems.

– Once we print new ATH’s and price starts moving FOMO begins and we can enjoy the ride.

– More and more people get heavily into Bitcoin and start pondering about their next investment. Taking Ethereum as next seems very likely.

– End of the year prediction: We will see a 10k$+ Ethereum before the end of 2021.

Basic rules:

– Never buy the top/ ATH

– Take profit as long as you can (also partial profit is profit)

– Use Stop/loss for leveraged positions

– If you are not experienced, don’t leverage in the first place

Enjoy the ride and don’t be too greedy.

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We would love it if you could share your thoughts in the comments.

Discussions are very welcome here.

Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.

Cheers

ps.

Chart explanation:

Main lines:

– Green lines are tested support lines.

– Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.

– Cyan line is for volume trendline.

– White lines are Fibonacci retracement levels

Helplines:

– Purple lines are trendlines we take a look at.

– Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.

– Yellow lines are for visual help only.

Specials:

– Boxes represent either entry zone or support zone . Check the description.

– Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.

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