ETH ANALYSIS : 26/12/20
…Knee’s & Toe’s???
640-650 – 15k ETH
670-680 – 15k ETH
550- 13k ETH
Volatility: Lookinh quite stable
Local Support: $600
Next Support: $550
Local Resistance: $640
Next Resistance: $670
– XRP SEC Lawsuit – Caused “Ripple” effect across the Crypto market –
– GrayScale Buys Another 130,000 ETH –
Grayscale’s Ethereum Trust also ramped up its purchases during 2020, and now holds roughly $1.175 billion worth of Ether (ETH), or 2.24% of ETH’s entire capitalization
– Successful launch of Ethereum 2.0 –
Further 2021 Trends
1. DeFi will continue to thrive
2. The rise of NFT (Non-Fungible Tokens)
3. ETH will become an investment opportunity
4. ETH mining will die in 2021
5. ETH will decouple from BTC
It followed previous prediction of tracking towards the $600 region before showing signs of slowing down, granted a little quicker than expected. There are some large sell orders in play at $640 region and $670 region specifically so $700 will be a very tough climb although very outlook in general here.
A rejection down to 610 region is expected based on diminishing and natural rejection at $600 – not to mention potential mini-sell off from BTC at the $25k mark.
Yeah & Shoulders pattern forming from TA analysis so a good short term buying scenario sits at 610/600/590 in staggered orders with TP’s of 635 and 690.