ETH long term analysis - 25th of August 2020

By eliaskh | Trading Ideas | 25 Aug 2020


On a weekly timeframe, the ETH has broken its major weekly resistance at 383$ with big bullish volumes. The price then consolidated and did a pullback on this resistance that became a support for the price.

e85872a10270737d5c4d82b3aa28b58c91f312cc9920143374940faf4beedff7.jpeg

The price is now consolidating between this major weekly resistance and the 23.6 Fibonacci Level at 415$. If the price breaks above the 23.6 level of Fibonacci, there is a big probability that the price reaches the 38.2 Fibonacci level at 623$.

The weekly trend is still super bullish. My next targets are the following:

- TP1 (short term target): 415$

- TP2 (38.2 Fibonacci level): 623$ 

- TP3 (50 Fibonacci level and major weekly resistance): 792$

 

Disclaimer: This is a trading idea and not recommendation to buy or sell. Please trade based on your own convictions.

How do you rate this article?


4

0


Trading Ideas
Trading Ideas

This a blog where I post my cryptocurrency trading ideas

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.