Ethereum a good investment linked to Bitcoin | Technical Analysis

Ethereum has been related to the price of Bitcoin for a long time, however, these last days, ETH has experienced a great increase due to the announcement by the developers' team, where they commented that on August 4 (Just today) at 13:00 UTC, the Genesis block of "Medal", a testing network in order to evaluate the performance of Ethereum 2.0, will be online. I emphasize this since something basic we must know in order to operate with some impact news is to know the following:

Buy on rumor, sell on news.

Now, with this release I want to point out the main details that can be seen in ETH's charts, after all, the charts reflect absolutely everything the price does, including the performance that it has to impact news around the asset.

4H ETH-USDT BINANCE Chart | Re-accumulation Process

In the previous analysis of Bitcoin, I commented on the "Re-accumulation" process that Bitcoin went through, which took it to the highs where it is now, the strong hands made their move and everyone believed that the asset would fall so they gradually made all these sellers. Basically the same thing happened with Ethereum; and I'll show you what the re-accumulation process was for the whales in the asset on a 4H chart, plus how the trading levels in some instances were not in harmony with the moves that were made and the candles that were formed, because when the strong hands tested how strong the offer was, despite a large volume of negative negotiation, the price was not able to go to minimums, so there was no harmony, this I did on a couple of occasions and once they were done with all these potions the price gave the great call "JUMP OF THE RIVER"

Chart 4H ETH-USDT | Movement Probabilities

This time I will analyze the asset in a slightly shorter period of time, which can be used for Intraday operations. Now, according to my analysis the Ethereum has a good panorama in 4H, first tracing the Fibonacci Retracements, from the minimum point within the range before the Creek Jump, to the maximum reached recently, we observe that it is above the 23.6% point, in addition it is also above the 100 period EMA and the weekly pivot point, so this tells me that the following can happen:

• The chances of the ETH making a small correction and moving on to the next resistance are higher because of all the above. So I would be inclined to have my profit taking targets on R1 ($423.77) and R2 ($475.19) respectively of the pivot points.

• If a slightly longer price correction occurs it would be up to the Fibonacci point of the 38.2% that coincide in a possible rebound between the 30- and 50-period EMAS, so the momentum from this would be a little greater.

Conclusions

Don't take this analysis as an investment recommendation, it is simply my opinion of what is happening with the Ethereum, so the recommendation is that you can do your own analysis and research. Be aware of new analysis that I will be publishing, if you like I can also see the market in the fundamental aspect, to corroborate even more opportunities.

Posted Using LeoFinance