Ethereum Technical Analysis 02-16-21

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Avatar for xuanling11
3 years ago

Technical Analysis

Ethereum opens at $1.8K and goes down around to $1.7K and stable around $1.7K. The average transaction fee is $21.07 which is 20.13% increase from 02-15-21.

Ethereum is strong support at around $1.3K as my analysis yesterday

It is slowly grind up and toward $1.9K and short term correction may come.

Ethereum decreases its correlation with Stock indicates that it becomes a neutral position 👁️. The price may fluctuate less in the coming day with price toward mid-level. However, it was relatively stable.

I remain my floor price to $1.3k indicates the strong support and remain the ceiling price at $1.7k.

As today, Ethereum Value = $1.3k ~ $1.7k and my position is Long.

Ethereum price is continuing stable and grinding higher while minor correction may happen.

Here are some highlights to support my analysis:

Here is the road map for today:

Most Bullish News 📈

Ethereum future has large volume

It indicates that Ethereum is gaining institutional supports.

Most Bearish News 📉

Binance Smart Chain over flipped Ethereum

It indicates that Ethereum continue stabling and faces more competition in the future.

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Here are summary of general forecast of this week of economy and market:

Also, if you have any suggestions, please do not hesitate to let me know!

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Risk forecast guideline:
Risk Averse means you can use as defense 🛡️
Risk Seeking means you can use as offense ⚔️
Risk Neutral means no decision made and continue seeking opportunities 👁️
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compen

Resources

  1. https://www.marketbeat.com/cryptocurrencies/ethereum/

  2. https://www.newsbtc.com/analysis/eth/ethereum-debuts-on-cme-to-55m-in-futures-open-interest/

  3. https://en.ethereumworldnews.com/binance-smart-chains-daily-transactions-count-exceeds-ethereums/

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