Salute, colleagues!
Over the past weekend, the cue ball did not show any significant movements and is now again pushing towards the level of $67,250.
As part of the last review, I also expect local growth, just with the breakdown of the above-mentioned level, and to the resistance zone of $69K-71K. In this zone there is downward resistance and a mirror range of $70,700-71,500, clearly visible on the 1D TF in March, where there were frequent interactions between price and LP with a good pullback reaction.
If we look globally at the entire bullish cycle for 1 Week since January 23, then I expect continued growth in 2024-2025, with another overshoot, but through another correction and retest of the $52K-56 support zone, again within the current downward channel at 6 o'clock.
As I mentioned in the last review on Friday, for Ethereum to grow, it needs to gain a foothold above the $3040 level. Now we are just seeing consolidation. At 6:00 and 8:00 we hit 200DMA and the price was sandwiched between two moving averages (21 and 200)
21DMA on these two TFs also acts as support at the level of $3040-3050, where the price is fixed.
Therefore, I think the breakdown of 200DMA is not far off and the nearest target will be the local paranormal level of March 5, $3200, and the mirror high level of April 28, $3340.
We remember that this week, on May 23 and 24, the deadline for making decisions on applications for the launch of spot Ethereum-ETFs from VanEck and ARK Invest expires, and forecasts on this matter are very different. But, regardless of the results, and approval may be refused, I think that these refusals will not be critical for ether (since the final deadline for ETF-ETH will be 08/08 at BlackRock), but an increase in volatility these days is quite likely and can be tolerated in both directions according to the classics.
We are waiting for news from the SEC (Securities Commission)
Thank you for attention!
