[Crypto Market Outlook June 2021] Ethereum AnalysisEducation Research 7 August 2021
Ethereum had even bigger crash than Bitcoin, declining more than 60% from its peak. In a bigger timeframe, seems like Ethereum is simply retesting the old all-time high. However, judging from the printed weekly candle and the divergence in RSI, very likely that Ethereum is in for further downside.
There may be a retracement in daily timeframe, which can be capitalized to trade Ethereum. Ethereum may retrace to its 0.618 Fibonacci point from the top. This level will play as the most important key in determining whether Ethereum will continue its bearish momentum or not. Successful break of this resistance can make the prior prediction of Ethereum going to above 5000 a reality.
Having bullish target is nice, but it is quite worrying that Ethereum in high time frame has a possibility of retesting its 2017 ATH. While the writer believes that Ethereum can go to as high as at least 5000, or even 10000 USD, the retest of its 2017 is very likely. If that happens, the overleveraged and over exposed traders could be wiped out.
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