Ethereum to $5500
Good morning, this morning I wanted to take a bigger picture loo at ETH/USD and see where we could be going next. The main reason I wanted to chart a longterm chart was that I wanted to check where could we bottom out if we do see price action fall further. When it comes to charting pullbacks and bottoms, I have always found Fibonacci tools to be the most accurate and most supportive toolset for calculating what levels could be potential bottoms as we continue to break to the downside.
Honestly, the price currently seems to be holding up really really well, as you can see from the chart below, $340 seems to be a pretty clear and obvious support level that has previously been a resistance level for the past two years. I personally believe somewhere between now and $300 could be a pretty good region to start rebuying for spot positions.
I personally think that we will slowly creep back to the upside, and around $580 will be a major inflection point in which price should start seeing parabolic growth. I don't think it is unrealistic to start setting price targets of $5500 for 2021/2022, even though this may sound like a very optimistic target, the TA and fib lines seem to be aligned with my views.
I think that the launch of 2.0 over the coming few months will have a major impact on price and this could be the main reason we start to see this growth, the network has seen insane amounts of usage over the past few weeks and honestly as soon as scalability is solved for the network, I think we could start to see huge moves to the upside. Another interesting point which backs my personal view, is that the amount of ETH holders that have a minimum of 32 ETH in their wallets, this number has gone pretty parabolic over the past few months.