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R.Linda Trading - forecast

ETH → Strong both fundamentally and technically

2024-01-16 08:15 CRYPTO forecast

💡 Ideas For ETHUSD 🔷

📈 ETH → Strong both fundamentally and technically

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ETH reacted more violently than BTC to the long-awaited btc-etf news. But why? The price tested the high at 2717 and formed a false breakout, leading to a correction amid bitcoin's decline

snapshot

ETH technically looks stronger than bitcoin. We can judge from the chart and strong bullish momentum and not a big pullback. The reason for this is the expectation of bids for the spot ETH-ETF. The chances that these applications will be approved by the SEC have increased after their extreme positive decision towards the flagship cryptocurrency market.

Technically, ETH is forming a false breakout of 2650 resistance and forming a correction. Since the price is trading within the ascending price channel, the target in our case could be the support area: 0.5 fibo (2447 level), or even 0.618 fibo (2383 area). The moving averages on W1 indicate a strong accumulation that may move into the distribution phase.

Resistance levels: 2650, 2540, 2586

Support levels: 0.382 fibo, 0.5 fibo, 0.618 fibo

Fundamentally and technically, ETH looks good to continue to grow in the medium term, which may start after the retest of the support area

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