ETHUSD $600 Resistance Turned Support
To start things off, I want to wish y'all from wherever you may be reading this happy holidays!
After this week's crazy news, ETH came back down and wicked $556 monthly support. I can safely say that I didn't expect this to hit, although now I know the reason why this had to happen. Now with the close of the body of the candle above this respected uptrend, this signals bullish momentum in the markets.
If you take a look at the entirety of this chart, since $470, ETH has been creating higher highs on every dip back down.
From the November 25th drop down from $601 to $498, ETH made a higher high than $470.
From the December 10th drop down from $601 to $540, ETH made a higher high than $498.
From the December 23rd drop down from $670 to $556, ETH made a higher high than $540.
Right now, it looks like ETH is holding this uptrend and seems to be on the verge of a breakout to the upside. I'm expecting this weekend to consolidate around $601 - $617, giving us a perfect entry target at $601.99 before moving up and hitting our TP's going long.
TP1 🎯 $617
TP2 🎯 $623
TP3 🎯 $636
TP4 🎯 $670
TP5 🎯 $687
$670 is the monthly resistance level that is holding back the price of ETH, and I believe now that it's already been 1st touch rejected, it has a greater possibility of breaking through and going long towards $700+
After this week's crazy news, ETH came back down and wicked $556 monthly support. I can safely say that I didn't expect this to hit, although now I know the reason why this had to happen. Now with the close of the body of the candle above this respected uptrend, this signals bullish momentum in the markets.
If you take a look at the entirety of this chart, since $470, ETH has been creating higher highs on every dip back down.
From the November 25th drop down from $601 to $498, ETH made a higher high than $470.
From the December 10th drop down from $601 to $540, ETH made a higher high than $498.
From the December 23rd drop down from $670 to $556, ETH made a higher high than $540.
Right now, it looks like ETH is holding this uptrend and seems to be on the verge of a breakout to the upside. I'm expecting this weekend to consolidate around $601 - $617, giving us a perfect entry target at $601.99 before moving up and hitting our TP's going long.
TP1 🎯 $617
TP2 🎯 $623
TP3 🎯 $636
TP4 🎯 $670
TP5 🎯 $687
$670 is the monthly resistance level that is holding back the price of ETH, and I believe now that it's already been 1st touch rejected, it has a greater possibility of breaking through and going long towards $700+
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