Ethereum Price made massive gains in just one week – a crazy buying frenzy pushed it up by 50%. That is a lot of money flowing in! Probably means that large investors are interested in the asset and believe their buys here will result in good returns over time. In this article, follow the technical analysis process and explore what the charts are saying.
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Of course, everyone buys with the idea of potential returns. The difference between retail and institutions is that institutions tend to do a lot more due diligence before buying an asset compared to retail. Retail buyers don’t own large amounts of capital that can make such price moves.
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(ETHBTC)
Today, we start our analysis by looking at the ETH/BTC weekly chart. This chart is often seen as an indicator for alt season, when structure turns bullish. The ratio has come down to the 2019 level and printed a large buy candle at the beginning of May.
Considering the size and volume of ETF inflows during that week, this candle classifies as Bullish Engulfing. Good start! But we’d like to see the purple zone reclaimed again.
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Moving on to ETH/USD, we have the 1D chart now. Large buy candles here daily, breaking above previous high, MA50, and MA100, with resistance met at MA200. We have an FVG from that first daily massive candle, which aligns with the last high and the MAs. Such confluences make it more likely for the price to retrace to $2100 before breaking the MA200 line. That kind of retrace will also reset RSI back to 40-50 levels, where another leg up can start.
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(ETHUSD)
I finished this article with a 1H chart, which I’ve added many explanations to. Please study this and try to find at least one of these patterns or insights on another chart. All of these together mean to me that we will visit the $2300 area at least. Now, the price is trading below the MA50 as well. The FVG of the last bearish engulfing candle was visited a few hours ago. That would be where I’d place my SL if I entered a short position here.
Once it retraces a little, I expect it to push the MA200 on 1D. If it breaks, I expect many alts to shoot up.
Happy trading and stay safe!
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The post Ethereum Price Gains 50% In One Week: Altseason Starting? appeared first on 99Bitcoins.
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