Ethereum Crossing the 800$ line by end of the week

28 ธ.ค. 2020

So ETH is flying today and sitting on 740!
After the lawsuit with Ripple, we can see a lot of people pulling out of fairly small or less known coins in the past 2 weeks and moving them to ETH and BTC.
What we expect to happen in the near 10 y except BTC going to 100k and more - since we have a lot of institutional money going into BTC in the last 5 months which causes its price to rise dramatically and speed up the process of BTC becoming a standard safe haven hedge in front of the USD and the derivatives market.
But let's not talk about the obvious and the upcoming crypto victory in the markets, let's talk about ETH.
ETH is expected to become the second major leading crypto, analysts believe that 3 cryptos will probably survive in the long run and become the standard means for payment in the future.
BTC will probably be used for massive transactions mainly like buying a house or a car but ETH is standing a good chance of becoming the coin to be used for smaller purchases in our day to day life, the main reason for that is the simplicity and speed in ETH transactions.
So what is less written in the media is the institutional money going into ETH and if we look at the market depth chart (volume-based) we will see that the transactions on ETH just like BTC became from "whales" and don't have so much retail buying power behind them! super important to understand that the institutions will be the ones crowning the crypto winners by putting their money in those currencies.
so let's predict technicals in the short term to come :
ETH will rally THIS WEEK and cross the 800$ line before Friday, and by the end of Jan Eth will touch 1000$ - it may sound like I am overreacting in the price range but if you look at the chart and identify the waves you can see we are in an impulse wave - the strongest rising wave and it is currently in its 3rd stage which is usually the strongest stage of the impulse wave.
The third stage of the impulse wave will get us across the 800$ line and the end of the fifth wave will touch the 1000$ line and then I predict a convergence in that level for a month or so for accumulation.
of course, nothing is for sure, and if we get good news on the Ripple lawsuit this week that may slow down the ETH rally but not by much and not for long because in 2021 we are about to see what happens to crypto prices when the "big boys" from the financial world step into the game (fairly late).


This is not a trading recommendation but only our technical and fundamental analysis on cryptos, we do deep analysis on institutions and follow the big money in our day to day trades whether its on stocks or crypto.
trade safe and happy holidays from FDGT