How Far Will The Ethereum Price Go? Premium Fundamental Technical Analysis

How Far Will The Ethereum Price Go? Premium Fundamental Technical Analysis

By Rubikkav | Rubikav Insider | 13 Jan 2021

These days, many traders are making millions of bets to guess how far the price of the main cryptocurrencies in the market and, which have the highest capitalization, will go. Some already start many false speculations in the communities, others simply make absurd bets.

Due to the above, and due to several factors, we have created this space to go to the few sharing our clear ideas of how far the price of these cryptocurrencies will go at the end of wave one and expansive of the market.

For this section, we bring you a complex analysis of the cryptocurrency with the second largest capitalization. Until the moment this article was written, the price was on the first pillars of reaching the great break of the all-time high (ATH).

Futures Could Skyrocket

We know that one of the fattest whales on the market and the most reputable on Wall Street is the Chicago Mercantile Exchange (CME). Basically, it has its best reputation for offering its clients multiple derivative products and among those the future contracts of the best cryptocurrencies present in the market.

We still remember how in 2017 volatility increased when this exchange launched Bitcoin futures contracts. We believe that in the coming days we will see Ethereum in a new sea.

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In a previous article, we had already said that the market was in a medium overbought phase and that a healthy correction was necessary where some traders and miners would go to make their first profits. For Ethereum it was no exception. And it is that the correction with the Bitcoin is very strong lately.

This can be seen very well by observing the hourly chart, where many of the indicators point towards that price correction.

Buying Or selling Is The Question

Okay, we have a very marked market correction for several important indicators. But should you buy or sell?

We know that many are wondering the same thing and our honest answer is that we have already bought the dip of the last fall and very close to the price of approximately 999.45. And before they criticize us, let us explain something to you in the next paragraph.

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A good trader when the market falls what he does is to buy the dips in support prices in which he thinks that the asset will support or enter a new phase of re-accumulation. And it was exactly what we did. In addition, historically, and within the cycle of the beginning of the bull run, the market sentiment beats the fundamentals and even breaks the indicators.

So, we hope that the answer to the question whether or not we should buy has been very clear. Like we said, we just bought some dips at a average price. But wait, before you go and press the buy button, keep reading these lines so you know our personal projection of the price of Ethereum until the end of this wave one of the market.

Will Break Top Price

Just as it happened with Bitcoin and other cryptocurrencies under the euphoric market sentiment days ago, Ethereum will be no exception. We will soon see this cryptocurrency break the historical resistance above approximately 1435.45 in some exchanges.

However, and before the above happens, it is important to understand that within the daily chart, Ethereum broke the 1k thanks to expanding its price within a wave five of Elliot

and now it remains in the fight to stay at approximately 1065.32 and a reference price when this article was written.

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For those of you who like to look at asset prices on a daily basis, Ethereum presents significant risk right now. This was due to the breakout of the EMA9 at 1125.34 and the rejection of the touch of the upper Bollinger band at 1340.52. Anyway, for now the EMa21 at 975.15 is projected as a moderate support within the fibo region and between 0.3 and 0.2, regions that, as we know, represent a risk bet on investment. Price correction here is very obvious.

However, we cannot ignore the crossover of the moving averages on the MACD, which point towards a possible price drop. But we repeat, sometimes within the cryptocurrency market, market sentiment can cause indicators to fail.

It is then expected that at least Ethereum, and prior to the CME launch event of the futures contracts, will enter at least an ABCDE accumulation phase.

Great Pivot

Following the order of ideas in this article, we know that another big mistake made by many traders with little experience in the market and not analyzing times longer than they are usually used to making. That is why this community is different. We see as a good starting point to identify good opportunities based on the technical analysis of the weekly period.

We have seen that week by week we can obtain good results and a short time. And with Ethereum we are surprised with the large pivot created within the weekly scenario within the fibo 0.2 region and very close to the historical price (ATH).

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Basically, from Ethereum, and within the weekly chart, what you should know is that the situation changes. We fundamentally see a risk towards 80% of capitulation but with a lot of tendency towards reaching the break of the ATH which is very close to 1421.99.

Basically, from Ethereum, and within the weekly chart, what you should know is that the situation changes. We fundamentally see a risk towards 80% of capitulation but with a lot of tendency towards reaching the break of the ATH which is very close to 1421.99.

In any case, the facts that the RSI is above 75 points, indicating overbought, should not be ruled out; next to the stochastic RSI, which is currently marked possible correction. The latter, many will say that it is convergence, but it is contradicted by the divergence shown by the MACD, which points towards the continuation of the primary trend. So, we must understand according to this is that there is a risk, but the buying sentiment is very strong.

Another Roof

With this sentiment, we are also personally very optimistic about what may happen next with the Ethereum price when wave one of the market ends.

Modern theorists and reputable analysts are basically saying that the price of Ethereum can exceed 10k. Our opinion is not contrary and yes, we see potential for that goal.

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We agree, because, if we draw the trend lines that support the price of Ethereum in us highs and lows, we see that the price is projecting a trend up towards that price and after the break of its high or ATH.

Significantly and not to exaggerate, personally, we are first betting that the price reaches above 3k and after that break that many institutional traders expect.

With all of the above, three things are clear: (1) from time to time it is good to buy dips; (2) whoever tells you about day-trader is taking you on a limited path of learning; (3) sometimes the fundamentals fail in relation to the real sentiment of the market, so, the trend of an asset in lesser times may be a correction, but in longer times there may be another scale or a new ceiling to be built.

If your opinion is contrary, leave it in the comments. Those opinions help us a lot to continue producing this type of rich content.

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