Looking at the 4-hour time frame of Ethereum we can see that we're currently trending inside of an ascending triangle and we're just waiting for that imminent breakout to the upside.
ETH is bouncing around that 1.618 Fib level around the $2700 level heading long towards $3000 and above. The top resistance of the ascending triangle is placed at $2910 and once ETH breaks out and finds this level as support its going to start heading towards $3800 and previous highs.
I believe the rest of this month is going to be continued capitulation underneath the previous local high until EIP-1559 releases in July and we break back above local high and the 3.618 Fib level at $4933
We have definitely hit bottom and its only a matter of time before we start printing back up. We are down about 60% from the local high, 60% of the market cap evaporated overnight. Hundreds of billions of dollars gone with the wind.
As always please do your own research, I am not a financial advisor.
ETH is bouncing around that 1.618 Fib level around the $2700 level heading long towards $3000 and above. The top resistance of the ascending triangle is placed at $2910 and once ETH breaks out and finds this level as support its going to start heading towards $3800 and previous highs.
I believe the rest of this month is going to be continued capitulation underneath the previous local high until EIP-1559 releases in July and we break back above local high and the 3.618 Fib level at $4933
We have definitely hit bottom and its only a matter of time before we start printing back up. We are down about 60% from the local high, 60% of the market cap evaporated overnight. Hundreds of billions of dollars gone with the wind.
As always please do your own research, I am not a financial advisor.
