ETH seems likely to revisit 1200s this month
Ethereum's bullish momentum seems to be weakened on the daily chart, and I think it is aimed for a correction. The two major support areas are:
1. Yellow zone: $1318-$1400. If the price is still strong enough, I would expect it to test this zone and quickly rebound.
2. Green zone: $1450-$1222. If the price drop here, I think it will fluctuate and consolidate for a couple of weeks.
Since ETH's price is still above Kumo (Ichimoku cloud) and Tenkan above Kijun on both 1D and 4H charts, I would definitely not short the coin. The point is that I will set bids to scale in more coin (spot) at these areas, ideally the green zone. If this year is THE bullish year in the crypto's 4-year-cycle, I think we shall not see ETH below $1000 again.
1. Yellow zone: $1318-$1400. If the price is still strong enough, I would expect it to test this zone and quickly rebound.
2. Green zone: $1450-$1222. If the price drop here, I think it will fluctuate and consolidate for a couple of weeks.
Since ETH's price is still above Kumo (Ichimoku cloud) and Tenkan above Kijun on both 1D and 4H charts, I would definitely not short the coin. The point is that I will set bids to scale in more coin (spot) at these areas, ideally the green zone. If this year is THE bullish year in the crypto's 4-year-cycle, I think we shall not see ETH below $1000 again.
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