ETH 290820

ETH long term price prediction - 29.08.20

By eliaskh | Trading Ideas | 29 Aug 2020


On a weekly timeframe, the ETH has broken its major weekly resistance at 383$ with big bullish volumes, the highest weekly volume ever for EHT. The price then consolidated and did a pullback on this resistance that is now serving as a support for the price.

ETH 290820

The price is now a bit ranging between the big level of 383$ and the 23.6% level of Fibonacci retracement at 415$. If the weekly candlestick closes above the 383$ level, I expect a continuation of the big bullish trend.

My next targets are the next levels of weekly Fibonacci retracement:

  • TP1: 415$ (short term target and 23.6% level of Fibonacci)
  • TP2: 623$ (38.2% level of Fibonacci)
  • TP3: 792$ (50% level of Fibonacci)
  • TP4: around 1000$ (61.8% level of Fibonacci)

 

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

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