However what good are these tokens without the network on which they were built?
Based on current TA, and the mass accumulation of these tokens running on the Ethereum network. I believe a well deserved ETH rally could be within the near future.
Possibly sending us up over that 1k milestone.
After a recent rally, ETH is now attempting to break back up into its previous upward channel.
IF we break back up into the channel I have a main target set at $1218.
Possible resistance levels are also shown above.
IF we fail to break back up into the channel, I expect a small retracement back into the 764-854 zone.
I believe this could be an excellent entry zone for any long term investors.
Something to consider:
This analysis is dependant on the current BTC trading conditions. At the time of this post, BTC seems to be stable.
IF BTC continues to breakdown. This TA will likely become invalid.
Happy New Year and I wish you all the best of luck!
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
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