Ethereum/Dollar Update 2.1.2021
Last time I wasn’t so overly bullish about Ethereum because the price was at strong resistance. A strong push towards $800 and beyond was highly unlikely. However, the price tested the monthly mid-range resistance which lies at around $750, and was rejected as mentioned in the previous post. There you can also read about the new charting system that I implemented recently.
On my chart, the monthly mid range resistance is at $759, but the magnet, for now, is the $735 quarterly level (purple dotted line). Ideally, I want a weekly close above that level. This could lead to a consolidation around the monthly midrange level or even a push towards $800. I expect a choppy price action around those levels, similar we’ve seen lately.
However, I remain bullish and expect $1,100 in the near future since the quarterly closed above $735. If things go south the nearest HTF supports are at $670 and $587. I’ll be keeping an eye on the newly drawn diagonal trendline as well.