Happy 2022 everyone :)
Not the most encouraging post to kick off the new year but I think it's an important one based on the amount of growth we've had in 2021.
ETH closed around $740 at the end of 2020 and $3680 yesterday which is nearly a 400% annual increase. Yes we could continue up from here but from a realistic standpoint a correction seems more probable. That said, the market is still very unpredictable and there are a few positive signs at hand.
A continuation of this down-step pattern could break current long-term trend (+ wedge) and send us to 3300; this would trigger the downtrend cycle that's been slowly developing and possibly the weekly Chaikin as well. Dashed lines are major support zones for a worst-case scenario. Price consolidation has been hovering towards trend lows lately which is always a cause for concern.
On the other hand, support has held in nicely at 3600 (+ wedge). The recent dip and recovery created a double-bottom setup (neckline 3800) and also solidified the second point for the long-term extreme low (solid black line); this is better illustrated on the H4 chart which will be posted tomorrow. Close for 2021 also hit wedge support (3680) which rounded out daily MACD and Chaikin a bit more. A solid push could send us back above 4k.
Below is a private link for the general price overview of $ETH. Most objects hidden for clarification.
Not the most encouraging post to kick off the new year but I think it's an important one based on the amount of growth we've had in 2021.
ETH closed around $740 at the end of 2020 and $3680 yesterday which is nearly a 400% annual increase. Yes we could continue up from here but from a realistic standpoint a correction seems more probable. That said, the market is still very unpredictable and there are a few positive signs at hand.A continuation of this down-step pattern could break current long-term trend (+ wedge) and send us to 3300; this would trigger the downtrend cycle that's been slowly developing and possibly the weekly Chaikin as well. Dashed lines are major support zones for a worst-case scenario. Price consolidation has been hovering towards trend lows lately which is always a cause for concern.
On the other hand, support has held in nicely at 3600 (+ wedge). The recent dip and recovery created a double-bottom setup (neckline 3800) and also solidified the second point for the long-term extreme low (solid black line); this is better illustrated on the H4 chart which will be posted tomorrow. Close for 2021 also hit wedge support (3680) which rounded out daily MACD and Chaikin a bit more. A solid push could send us back above 4k.
Below is a private link for the general price overview of $ETH. Most objects hidden for clarification.
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