ETHUSD setting new support before going back to ATH
Ethereum is one of my favorite overall projects. EIP-1559 is a fantastic update that will turn Ethereum into a deflationary asset like Bitcoin in the coming years. Additionally it is the most prominent layer 1 protocol with an exciting developer environment. I support Cardano and Solana as well but Ethereum is for the coming years the king and likely to flip Bitcoin in marketcap as well and become the greatest market driver.
After an unbelievable run, nearly hitting 100% gains after dumping back to the 1700s. Now we are seeing a pullback which to me is not a bearish trend reversal but rather a healthy bullish sign. Looking at the chart, the greatest confirmation of further bullishness is to see Ethereum set in higher lows where it previously was resistance. We saw back in May this was around the 2800 - 2900 range. Typically in bull markets one may see a wick to that range but no be a presence there for very long.
I don't believe BTC is headed to 20k and believe this is simple a short, simple and needed correction for a red-hot market to reset before proceeding upwards. I believe most coins, including Ethereum, will be setting ATHs in the fall and winter before topping out sometime in early 2022. Topping over $10,000 isn't unrealistic and we still have lots of time. For the short term, e.g. the next week, I am neutral to bearish and see this as an opportunity to add more ETH before flipping back to bullish.
After an unbelievable run, nearly hitting 100% gains after dumping back to the 1700s. Now we are seeing a pullback which to me is not a bearish trend reversal but rather a healthy bullish sign. Looking at the chart, the greatest confirmation of further bullishness is to see Ethereum set in higher lows where it previously was resistance. We saw back in May this was around the 2800 - 2900 range. Typically in bull markets one may see a wick to that range but no be a presence there for very long.
I don't believe BTC is headed to 20k and believe this is simple a short, simple and needed correction for a red-hot market to reset before proceeding upwards. I believe most coins, including Ethereum, will be setting ATHs in the fall and winter before topping out sometime in early 2022. Topping over $10,000 isn't unrealistic and we still have lots of time. For the short term, e.g. the next week, I am neutral to bearish and see this as an opportunity to add more ETH before flipping back to bullish.
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