Hello everyone. I'm here with a new graphic analysis post. Today we will examine the ETH/USDT chart. Of course, Ethereum's passing of ETF approvals in the USA was effective in making this post :) I published an ETH/BTC analysis about a month ago. In the days when I published the content in question, it was very unlikely that ETFs for Ethereum would be approved. Please take a look at that post and the comments made before you start reviewing this content.
Ethereum has offered its investors a return of approximately 60% since the beginning of the year. There are analysts who claim that it could rise to $8,000 with ETF approval. At the same time, there are those who say that there will be a downtrend before the bull season. Some analysts claim that the ETH price will drop to $2,000. Let's leave guesses and wishes aside. And let's look at the charts as we always do, without making any comments. We examine the weekly time frame of the ETH/USDT chart. I took the screenshot from Tradingview site. Data from Binance Exchange.
As can be seen from the chart, the ETH price is in a wide supply-demand zone. For a possible uptrend, we should see sustained movements above the all-time high price of $4,800. For a possible downtrend, we should see sustained movements below the 3,000 price. The chart below is from the daily time frame.
If we look at the current price, it is in a supply-demand zone. The price range passes through the 3540-3960 region. Volatility trading volumes in cryptocurrencies have been low on weekends since the approval of Bitcoin ETFs. Price movements should be followed during the week. Price sags may occur up or down from the supply-demand region I mentioned. We can see horizontal price movements in this region. Volatility will increase as ETH ETFs begin trading on exchanges. We may start to see a trend formation in Ethereum price a week or two after the start of ETF trading. In other cryptocurrencies, "interest rate cuts, relief in economies, etc." are expected for the bull season. We will have to wait for the news.
I will share new analyzes shortly. I will try to choose the first posts from cryptocurrencies with the possibility of ETF. The things I mentioned are not investment advice. I am not an investment advisor. It would be more beneficial if you view this content as an educational study. See you in new posts. Stay tuned.
Posted Using InLeo Alpha
Eyes on. Thanks for this and further analysis. !WINE
Thank you for your comment. It is most logical to watch at the first stage. Later, there will be many opportunities for buying and selling.
I'm following the same range as well.
Once the 4K resistance is broken, I expect altcoins to go up in line with Ethereum.
Thanks for the comment. I hope an upward movement begins. Because Hive etc. Many altcoins have been crushed too much. If the pressure continues to remain on altcoins, those other than new projects will start to lose their investors.
From this daily chart we can see that, ETH is approaching the resistance in March. Despite looking bullish a correction and respect of that resistance is expected.
This is just my view
Happy weekend
Thank you for your comment. I agree. The majority believe ETFs will push the price higher. However, in the first stage, it will only contribute to the increase in transaction volume. There will be upward price movement in the medium and long term. However, we should observe testing resistance in the short term.
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