Okay guys, let's dissect this awesome $ETH chart to see if there's anything interesting. This is the weekly candlestick chart (1W), showing that $ETH has gone through a deep correction and is currently touching the long-term uptrend line, around the price level of 3,034 USD. This point is marked as a good entry area (GOOD ENTRY).
Technical Analysis:
The price has bounced back upon reaching an important dynamic support area. If buying pressure continues to hold here, we could see a strong recovery. The reliable hard support level is 2,128 USD. The next target and also the strong resistance area (TARGET) we are aiming for is 5,396 USD, creating a very attractive R:R ratio.
Fundamental Analysis:
Basically, $ETH remains the backbone of the DeFi and NFT market. The implementation of upcoming upgrades such as Prague/Electra aims to optimize performance and the approval of Ethereum ETF funds in Hong Kong and elsewhere is reinforcing $ETH's position in the eyes of institutional investors. The Layer 2 ecosystem continues to grow exponentially.
Action Plan:
The optimal strategy is to start DCA or accumulate a Long position at the current price level (around 3,000 USD). This is a rare opportunity to accumulate the king altcoin at a good discount.
I recommend that you HOLD and Stacking $ETH at Binance
Which altcoin are you holding? Just comment, and I will check the chart for you!
#ETH #Ethereum #TechnicalAnalysis #Crypto #BinanceSquare #Altcoin