Hello traders. ETH recently just broke its all time high and is now in price discovery .. but where is it headed?
Fundamentals:
-CME announces ETH micro futures , expected to rolled out December 6th 2021
– Goldman Sachs predicts an 8k ETH price by EOY
* also compared ETH to inflationary breakevens — ETH being best crypto asset hedge against inflation
Coorelations:
– ETHBTC in bullflag, priming for next move higher
Current price action:
– ETH has just broke its ath , and had a major break of Daily ascending wedge pattern. Here on the 8H chart, we can see price in a general uptrend consistently printing flag pattern retests of previous support zones. We are going to be looking for an entry after a bounce of its previous support zone since price is quite overextended on most time frames right now, and short term bears are taking back control.
– Next major target profit would be at our 1.618 fib extension level, which price has been respecting these fib zones thus far, and also aligns with many price forecasts and fractal from 2017.
Although there are many projects with bullish fundamentals and technicals across the board, I would have to say ETH is the safest and best bet for the remainder of 2021 with a solid R2R of 5:1
