#ETH Analysis

We have the new ATH in #BTC. We have a new story to tell. It's time to move on! I wanna start with ETH's pair against the BTC. 

ETHBTC

I pointed out countless times that I was expecting the bottom to be around 0.035 and it would come likely in November/December. We have a nice bounce from the bottom.

The bounce is from 0.03465 and now we are at 0.036. I'm expecting a quick move in the next few weeks to re-test and move back into the channel which is located at ~0.040. In fact, I will place a margin order with leverage in the ETHBTC pair depending on the FOMC meeting and interest rate decision tomorrow.

ETHUSD

We have a very important resistance at the 2800-2850 region that has acted as support and resistance many times through the consolidation phase. Once we flip that resistance into support the next target will be 3350 with some minor resistances at 3100 and 3250.

It is very early but let's also make some projections for the new ATH of ETH. 🚀

The simple Fibo extension above gives us an ATH of 7300 which is a realistic and conservative target.

Looking at the Fibonacci levels of the TOTAL2 and TOTAL3 charts on the previous cycles, we can see that we reached the 3.618 level of the previous cycle in 2021. Considering the rule of diminishing returns, we should be looking at the 2.618 or the 1.618 levels for this cycle. 

The conservative target gives us an MCAP of 2.483T-1.652T = 831 B. With the ~120M supply of ETH, that gives us $6925.

If we do the same calculations with the 2.618 levels, we are left with an ATH target of $10500. 

After tomorrow's FOMC, I will update you on the ETHBTC trade.
#eth
#ETH #BTC