🔥 Ethereum Consolidating: What's next?
After a quick sell-off a couple of days ago, ETH is currently trading in an area of consolidation, marked by the capitulation low of ~$1900 and the current correction low of ~$1700. This quick analysis will be looking at the possibilities of ETH for the coming few days.
First of all, Ethereum is highly correlated to Bitcoin. A proper move from BTC is needed in order to move ETH out of this area of consolidation. In case the 30k BTC support falls, ETH will most likely make a new correction low. My first target will be $1500, potentially lower if we get a strong down wick.
In case of a bullish reversal from the 30k area, ETH will get out of this area of consolidation on the top side. My first target will be $2100, potentially $2500 if BTC manages to make a new local high past 36k.
Take a look at my most recent BTC analysis for a closer look at Bitcoin's potential moves:
Happy trading!
First of all, Ethereum is highly correlated to Bitcoin. A proper move from BTC is needed in order to move ETH out of this area of consolidation. In case the 30k BTC support falls, ETH will most likely make a new correction low. My first target will be $1500, potentially lower if we get a strong down wick.
In case of a bullish reversal from the 30k area, ETH will get out of this area of consolidation on the top side. My first target will be $2100, potentially $2500 if BTC manages to make a new local high past 36k.
Take a look at my most recent BTC analysis for a closer look at Bitcoin's potential moves:
Happy trading!
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