Ethereum - important to zoom out

15 mar 2021

Experienced chartists know that after breaking out of a long-term resistance, potential gains can be substantial. I personally like to see the current scenario where we break out and then quite quickly backtest the previous resistance which has now become support. We are now in a consolidation phase between the two clearly visible support and resistance lines. Once we break $2030 with a weekly close, THAT is the time to invest. Until that time, trading will remain choppy and money may therefore be better spent elsewhere. Longer term, the picture remains very bullish and we should see $4,000-$5,000 levels this year as a conservative estimate.