ETH just tapped the most important level to the upside $4300, and unless it can flip the $4387ish as support and continue higher, I think that's likely it for the year. Needs to take out the top resistance to be in a full bull trend.
I'm very bullish on ETH over the long term, however, in the short term the market looks extended here and I think we can see a major correction.
Will people longing here be stuck buying the highs like they were in Dec 2024 when everyone thought we were going to new highs? TBD. But I think they might be.
Here's why:
1. I think BTC has topped in the short term. If this corrects significantly, it's going to take all of crypto with it.
2. The reason why I think BTC miners haven't really run yet, is because the overall crypto market isn't bullish yet. We need to flip the $1.2T level on the chart for the entire crypto market to be in a bull trend.
3. The charts all look very similar to how they did right before the covid drop. I don't know what causes a large move down, but I can't ignore the signs.
If you're bullish here, you want to see the $4300 level get flipped as support. However, I think it's possible that we can see the lower supports get tagged before we see the resistances get taken out. Here is my long term chart of ETH (I think we go up to $18k+).
If you don't agree, all good, keep doing your thing.
Just want to provide an alternative perspective to the bullish narrative here because it seems like the entire market believes the exact same outcome is likely.
Also note: I don't plan on shorting ETH - I do not short the crypto market - I only aim to buy lower levels.
Good luck from here on out!
I'm very bullish on ETH over the long term, however, in the short term the market looks extended here and I think we can see a major correction.
Will people longing here be stuck buying the highs like they were in Dec 2024 when everyone thought we were going to new highs? TBD. But I think they might be.
Here's why:
1. I think BTC has topped in the short term. If this corrects significantly, it's going to take all of crypto with it.
2. The reason why I think BTC miners haven't really run yet, is because the overall crypto market isn't bullish yet. We need to flip the $1.2T level on the chart for the entire crypto market to be in a bull trend.
3. The charts all look very similar to how they did right before the covid drop. I don't know what causes a large move down, but I can't ignore the signs.
If you're bullish here, you want to see the $4300 level get flipped as support. However, I think it's possible that we can see the lower supports get tagged before we see the resistances get taken out. Here is my long term chart of ETH (I think we go up to $18k+).
If you don't agree, all good, keep doing your thing.
Just want to provide an alternative perspective to the bullish narrative here because it seems like the entire market believes the exact same outcome is likely.
Also note: I don't plan on shorting ETH - I do not short the crypto market - I only aim to buy lower levels.
Good luck from here on out!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.