Ethereum Technical Analysis 03-09-21

By xuanling11 | Crypto Learning | 9 Mar 2021

Caution Note: as Ethereum approaches $2K and likely goes higher until $2.5K, its sentiment has completely changed from hedging to following stock market which its risks have dramatically increased in the coming years. We will see how it plays in the future. However, there is a huge bubble from NFT most likely will be deflated sooner or later. In short term, my position will be long but likely it will be changed in the future.

Technical Analysis

Ethereum opens at $1.7K and goes up around to $1.7K and stable around $1.8K. The average transaction fee is $16.30 which is 6.96% increase from 03-08-21. 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.Β 

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.Β 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 πŸ‘οΈ. 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:



Here is the road map for today:



Most Bullish News πŸ“ˆ

JackDorsey donates his NFT sells

It indicates that Ethereum may continue raising with inflated price.

Most Bearish News πŸ“‰

Ethereum finds more ways to generate profits

It indicates that Ethereum may face correction with over pricing.


Here are summary of general forecast of this week of economy and market:


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

Thanks for reading and see you tomorrow!



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πŸ’ͺπŸ’ͺ January 2021 Technical Analysis Summary πŸš€πŸš€
πŸ’ͺπŸ’ͺ February 2021 Technical Analysis Summary πŸš€πŸš€
You can reference my previous daily Bitcoin analysis here ⬇️⬇️:
Bitcoin Technical Analysis 03-01-21πŸ“ˆ
Bitcoin Technical Analysis 03-02-21πŸ“ˆ
Bitcoin Technical Analysis 03-03-21πŸ“‰
Bitcoin Technical Analysis 03-04-21πŸ“ˆ
Bitcoin Technical Analysis 03-05-21πŸ“‰
Bitcoin Technical Analysis 03-06-21πŸ“ˆ
Bitcoin Technical Analysis 03-07-21πŸ“ˆ
Bitcoin Technical Analysis 03-08-21πŸ“ˆ
You can reference my Bitcoin methodology here and here.
You can reference my previous daily Ethereum analysis here ⬇️⬇️:
Ethereum Technical Analysis 03-01-21πŸ“ˆ
Ethereum Technical Analysis 03-02-21πŸ“ˆ
Ethereum Technical Analysis 03-03-21πŸ“‰
Ethereum Technical Analysis 03-04-21πŸ“ˆ
Ethereum Technical Analysis 03-05-21πŸ“‰
Ethereum Technical Analysis 03-06-21πŸ“ˆ
Ethereum Technical Analysis 03-07-21πŸ“ˆ
Ethereum Technical Analysis 03-08-21πŸ“ˆ
You can reference my previous daily Dogecoin analysis here ⬇️⬇️:
Doge Analysis 12-28-21πŸ“ˆ
Doge Analysis 01-01-21πŸ“ˆ
Doge Analysis 01-02-21πŸ“ˆ
Doge Analysis 01-11-21πŸ“‰
Doge Analysis 01-28-21πŸ“ˆ
Doge Analysis 02-04-21πŸ“ˆ
Doge Analysis 02-07-21πŸ“ˆ
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You can reference my previous weekly Cryptomarket forecast analysis here ⬇️⬇️:
Crytomarket Weekly Overview and Forecast 01-22-21 to 01-29-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 01-29-21 to 02-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-05-21 to 02-12-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-12-21 to 02-19-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-19-21 to 02-26-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 02-26-21 to 03-05-21πŸ”₯πŸ”₯
Crytomarket Weekly Overview and Forecast 03-05-21 to 03-12-21πŸ”₯πŸ”₯
Risk forecast guideline:
Risk Averse means you can use as defense πŸ›‘οΈ
Risk Seeking means you can use as offense βš”οΈ
Risk Neutral means no decision made and continue seeking opportunities πŸ‘οΈ
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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