Today we are here with $ETH detailed analysis. $BTC daily analysis will be also shared today later. But in this post we will only focus on #Ethereum . In today ETH analysis we will discuss these two topics in detail :
âFundamental Analysis Of Ethereum (ETF, News, Whales Buying or selling )
âTechnical Analysis
đž Let's start with fundamental . If we go through fundamental then at that time most important thing is ETF buying or selling ? Except Grayscale all other ETF providers are buying ETH. Only grayscale is selling due to which net flow is negative . That cause this selling pressure . Same thing happened when BTC ETF got approved. After some time grayscale selling cool down and we saw clear cut move from 38K toward 73K. Same thing is going to happen here . Due to of grayscale and other whales selling / Profit booking we are down from $3,500 to $2,100. But now we can hope ETH will perform and give a straight shot toward $5,000 in next 3 months .
~ On the same side there is no bad news that can cause selling in #ETHđ„đ„đ„đ„ . If we look on Open Interest of ETH then it is also increasing from last 7-10 days with price rise. Showing more people are buying / Longing ETH. It is also a bullish factor. So, overall we are bullish on #ethereum for upcoming weeks and months . So, if you want to buy for 2-3 months you can buy for 60-100% return from current prices.
đž Now let's discuss about technical . According to technical analysis ETH formed descending triangle pattern that is bearish but on the same side ETH successfully breaked descending trend line resistance of this triangle from which it rejected 6 times in past 30+ days. After breaking it also retested it and bounced some $ . Indicating a bullish price movement . So, we can expect bullish trend in ETH technically in upcoming days . Here are 3 level that are imaginable to achieve in next 40-80 days:
â $2,800
⥠$3,600
âą $4,200
âš Note: If you find this post helpful then don't forget to like and follow @MU_Traders for more updates .
