Ethereum Technical Analysis 03-07-21

By xuanling11 | Crypto Learning | 7 Mar 2021


Technical Analysis

Ethereum opens at $1.6K and goes flat around to $1.6K and stable around $1.6K. The average transaction fee is $11.22 which is 0% increase from 03-06-21. Ideally, gas fee should below $10 and build up for another raise toward $2K.

Ethereum is strong support at around $1.3K as my analysis yesterday. 

It is slowly grind up and toward $2.1K after reach $2K and short term correction may come since its valuation is high in my opinion. The valuation is around $1.5K. You can reference my method here. Healthy correction is needed for the market. Gas fee is fairly reasonable!

Ethereum increases its correlation with Stock indicates that it becomes a neutral position 👁️. The price may fluctuate less in the coming day with price toward mid-level. However, it was relatively stable. However, its sentiment has changed and risk is magnified!

I remain my floor price to $1.3k indicates the strong support and remain the ceiling price at $1.7k.

As today, Ethereum Value = $1.3k ~ $1.7k and my position is Long.

Ethereum price is continuing stable and back to $1.5K with reasonable gas fees!

Here are some highlights to support my analysis:

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Here is the road map for today:

5716f4e0d0a7b759f414f987bb60e6c19a547d9bd73dcce5a8e4a54ec23d3d49.png

14404f5247fb0704e38cfc8bf24bc91d627e09c038b71924ce55cf6316d695f5.png

Most Bullish News 📈

Ethereum got Chinese investors

It indicates that Ethereum may continue raising more with improvement.

Most Bearish News 📉

Monopoly owns Ethereum is unhealthy in the long term

It indicates that Ethereum may face correction with over pricing.

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Here are summary of general forecast of this week of economy and market:
260c3a65efbb46dcf114ce26ec32256f1558871f35b95a1d3b52f2a27d1c0cc1.png

085f6d2c9936e8d98dad42b5fffa2c329314b9b16257e9d0a480395cdf7b3aa1.png

Also, if you have any suggestions, please do not hesitate to let me know!

Thanks for reading and see you tomorrow!

b318bdad571e4de7cfc20ee27ba4f1c718de9a3e8c1218637d9ed2a3121ad50b.png

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Note: Cross-references of this article has created by author and has cross-referenced on multiple platforms. You can find links below ⬇️⬇️:
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You can reference my previous monthly Bitcoin and Ethereum analysis here ⬇️⬇️:
💪💪 January 2021 Technical Analysis Summary 🚀🚀
💪💪 February 2021 Technical Analysis Summary 🚀🚀
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You can reference my previous daily Bitcoin analysis here ⬇️⬇️:
Bitcoin Technical Analysis 03-01-21📈
Bitcoin Technical Analysis 03-02-21📈
Bitcoin Technical Analysis 03-03-21📉
Bitcoin Technical Analysis 03-04-21📈
Bitcoin Technical Analysis 03-05-21📉
Bitcoin Technical Analysis 03-06-21📈
You can reference my Bitcoin methodology here and here.
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You can reference my previous daily Ethereum analysis here ⬇️⬇️:
Ethereum Technical Analysis 03-01-21📈
Ethereum Technical Analysis 03-02-21📈
Ethereum Technical Analysis 03-03-21📉
Ethereum Technical Analysis 03-04-21📈
Ethereum Technical Analysis 03-05-21📉
Ethereum Technical Analysis 03-06-21📈
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You can reference my previous daily Dogecoin analysis here ⬇️⬇️:
Doge Analysis 12-28-21📈
Doge Analysis 01-01-21📈
Doge Analysis 01-02-21📈
Doge Analysis 01-11-21📉
Doge Analysis 01-28-21📈
Doge Analysis 02-04-21📈
Doge Analysis 02-07-21📈
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You can reference my previous weekly Cryptomarket forecast analysis here ⬇️⬇️:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21🔥🔥
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21🔥🔥
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21🔥🔥
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Risk forecast guideline:
Risk Averse means you can use as defense 🛡️
Risk Seeking means you can use as offense ⚔️
Risk Neutral means no decision made and continue seeking opportunities 👁️
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.

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xuanling11
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