In my opinion, Ethereum is currently very undervalued. However, I could see a potential correction to the downside in the short term to liquidate excessive leverage. Once the next weekly candle closes above the trendline, I believe Ethereum could experience a strong price surge upwards, potentially reaching the all-time high, and then targeting Fibonacci levels.
Potential Scenarios:
1: Breakout Above Trendline: A close above the trendline on the weekly chart could signal a bullish move towards new highs.
2: Downside Correction: A slight dip could be seen to clear out leverage before a potential move upwards.
What do you think the next Ethereum move will be? Is it more likely to be scenario 1 or 2?
Let me know your thoughts!
Potential Scenarios:
1: Breakout Above Trendline: A close above the trendline on the weekly chart could signal a bullish move towards new highs.
2: Downside Correction: A slight dip could be seen to clear out leverage before a potential move upwards.
What do you think the next Ethereum move will be? Is it more likely to be scenario 1 or 2?
Let me know your thoughts!
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