Ethereum exploded higher Monday and continued a bit higher Tuesday, starting its rally late Sunday (Monday in Asia) and breaking above the $1,600 level with gusto, settling the daily candle north of $1,800! This is an extremely bullish impulsive candle and is likely to be followed by more green candles as ETH charges towards the $2,000 level once again.
(March 8, 2020 8:30 PM EST)
Short-Term:
The rounded-bottom pattern appears to be playing out as Ethereum is forming a nice 'U' shape, all but confirming the bottom is in around $1,300. ETH should now be targeting the $2,000 level which was previously resistive and should continue to be, at least for the short-term. A break above $2,000 should send ETH to $2,500 and then $3,000. There are plenty of catalysts, but one of which that may actually allude to a timeframe would be the scheduled Berlin hard fork officially planned for early April. That's only a few weeks away and may align well with ETH's bullishness and looming breakout.
Long-Term:
ETH is projected to outperform its 2020 performance, which was ~450%. Accordingly, this equals a minimum price target of >$3,000 ETH by EOY 2021, and if you look at my longer-term charts, you'll see my projected W3 conservatively extends above $5K.
ETH/BTC:
ETH fell during the Tuesday against Bitcoin, initially rallying on the back of yesterday's impulsive rally before finding resistance around the 50 Day EMA and pull back a bit to around the 0.0337 level. This is ETH's first line of resistance in a bid higher, so this will be the level to watch for now. If ETH breaks above the 50 Day EMA around ~0.0345, this should send ETH higher; there's historical resistance around 0.038 and then 0.04. A breakout higher on the ETH/BTC should, of course, help boost the price of ETHUSD.
Historically, the ETH/BTC ratio tends to range between 0.04 and 0.08 and typically peaks around 0.1 ETH/BTC at the tail-end of crypto bull markets, so 0.03 is near the bottom and excellent value in the medium-longer term of this cycle.
From my perspective, all signs indicate it's probably wise to buy ETH or earn ETH now before prices continue to ascend in dramatic throughout the rest of 2021 and further. Buying ETH under $2,000 is like buying Bitcoin under $30K; not much higher than the previous ATH, and not likely to last much longer.
Support:
$1,400, then $1,300.
Resistance:
$2,000, then $2,500, then $3,000. Pay more attention to the ETH/BTC ratio for resistance levels.
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