Ethereum is showing its weightlessness
The target in the ETH/USD pair remains unchanged. Like, at all. With mixed feelings, I again demonstrate to you the triple lever in the H4 chart below, which unequivocally shows the target of Ethereum growth around â€‹â€‹385. On the one hand, I want to transition to a new formation and new puzzles, on the other hand, if the landmarks remain without changes for many days, this proves their reliability. This logic is more understandable for those whose 20% portfolio consists of this position.
At the same time, the price is moving in the lower register of the main channel and the slightest deviation from this growth angle may lead to a noticeable acceleration towards the target or correction from the current levels. This can be seen in the following H4 chart.
At the same time, note this candlestick in the daily chart. It confirms the probability of continuation of the trend and the likelihood of the price acceleration. Above, there are no resistance levels left until the nearest target at $385, which is almost 10% growth from current levels.
At the same time, it is worth remembering about caution and that the price can still fall down from this narrow channel, like a nestling from a cozy nest. In this case, there are more than enough support levels for it. Around the level 330, we will meet support of the upward trend and local accumulation. At the level 300, there will be a double signal for support — this is the Fibonacci harmony at 0.236, and also a huge horizontal volume accumulated since August 8. And for the most desperate lovers of Armageddon, there is an “unbreakable” level of 220 with a huge base of accumulation and distribution, as well as the favorite level of 61.5% Fibonacci correction.
I wish you successful trades and a good risk/earnings ratio!