Ethereum $1,000 Possible? (Weekly Forecast)

Short-Term:

ETH is still above the 50 and 200 Week EMAs, meaning the long-term uptrend is well in-tact, and dips continue to be buying opportunities. There is still downside potential, however, as ETH remains tethered to BTC which is back under $30K and looks like it’s about to revisit the 2017 highs. ETH looks like it’s going to hit the 50 Week EMA around $1,587 and maybe the $1,500 level before finding any meaningful level of support. This would be a major buy zone as I anticipate the long-term HODLers will continue to buy and institutions would jump back in after getting burned in a big way in May-June. If support around $1,500 — $1,600 breaks, then ETH could drop to $1,000 where it should find massive support and a huge wave of buyers step in, even if they’re buying when their own blood is in the streets.

ETH/BTC:

ETH/BTC found support at the 0.06 level, though it is an ugly-looking chart that looks like it’s going to continue lower. ETH/BTC is still a bit overextended given the severity of this bull market correction, so it wouldn’t be unusual for ETH/BTC to retrace to the 0.05 level or even 0.04 where there’s a confluence of 50 and 200 Week EMAs. This would be a major buy zone.

Support: $1,500, 0.05 ETH/BTC.

Resistance: $2000.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store