Ethereum ST (February 1st 2021)Ethereum/USD (February 1st 2021 through March 2021)
Low: $1,302
High: $3,302
Wanted to come up on another update for Ethereum before the big Chicago Mercantile Exchange futures launches on February 8th.
I think 5 important short term future levels to watch for could be $1,570, $1,901, $2,436, and $2,971-$3,302. I specifically want to see bearish reactions off of those levels, the 1.27 could be important too but maybe not as important as these other fibonacci levels.
I think with the introduction of CME futures for Ethereum, price could get extremely volatile. It may get a glorious pump but it may end in terrible devastation too. Bitcoin's CME futures launch was January 13th 2020, and Bitcoin managed to pump up to mid-February before it took another month to crash. But at that time, things were fundamentally different and Bitcoin had already been in a months-long major downtrend. Ethereum could still be in a major uptrend but if this crash I've been theorizing about comes, it could be far worse than March 2020.
There could be some decent volatility this week before it really starts pumping, but when it gets going it will probably be insane. If a real crash happens after, we could see prices back under $600 for sure. This will be very unpopular, but in my opinion, Ethereum could go back under $100 by the time the bear is done. For now, the market euphoria may only increase more and more.
The red box is my predicted range for Cindicator forecasting this week.
Related ideas attached below:
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