Hello dear community. Welcome in Vestinda Ethereum long-term price analysis.
Drawing parallels between 2019 and 2023 in the crypto world is gaining traction for good reason – the charts bear striking resemblance, and market sentiment feels familiar.
Undoubtedly, the markets are entrenched in a broad and substantial accumulation phase. It's broad due to the substantial market volume, and it's substantial because traders and investors are poised to acquire assets at any level, banking on substantial gains in the forthcoming Bull Run.
As of today, Ethereum's price consolidation mirrors a Rising Wedge pattern, evident when scrutinized on the Weekly timeframe using the Log price scale. Much like 2019, we foresee the Wedge breaking to the downside, finding its nadir within a robust support range around the $1000-900 mark.
Further reinforcing the parallels between the two eras, the Relative Strength Index (RSI) underscores comparable price actions in 2019 and 2023. The RSI is trending beneath the downtrend line, suggesting the potential for yet another breakout after a bottoming out.
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Drawing parallels between 2019 and 2023 in the crypto world is gaining traction for good reason – the charts bear striking resemblance, and market sentiment feels familiar.
Undoubtedly, the markets are entrenched in a broad and substantial accumulation phase. It's broad due to the substantial market volume, and it's substantial because traders and investors are poised to acquire assets at any level, banking on substantial gains in the forthcoming Bull Run.
As of today, Ethereum's price consolidation mirrors a Rising Wedge pattern, evident when scrutinized on the Weekly timeframe using the Log price scale. Much like 2019, we foresee the Wedge breaking to the downside, finding its nadir within a robust support range around the $1000-900 mark.
Further reinforcing the parallels between the two eras, the Relative Strength Index (RSI) underscores comparable price actions in 2019 and 2023. The RSI is trending beneath the downtrend line, suggesting the potential for yet another breakout after a bottoming out.
Hey, what do you like to read next on TradingView ?
Your feedback will help us create more relevant and useful content!
Thank you so much.
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💡 Elevate Your Trading Game! Join Vestinda's Vibrant Discord Community💬
📈 Discover insights, share strategies, and connect with fellow traders. Click to join: bit.ly/3rmVr9b 💜💜💜
📈 Discover insights, share strategies, and connect with fellow traders. Click to join: bit.ly/3rmVr9b 💜💜💜
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。