ETHUSD Threatening to Kick Off Major Breakout - Ethereum cryptotraders
This is an area that previously has been a bit of resistance for the market, so if we were to break above there and then perhaps even clear the $3500 level, then it is likely that we could go much higher.Pullbacks at this point should continue to find plenty of buyers, extending all the way down to the $3200 level. We have found ourselves on the precipice of breaking out of a major “W pattern”, and that could send Ethereum much higher.
Underneath, as long as we can stay above that $3000 level, the trend is still threatening to break out to the upside, but we should also watch the Bitcoin market because that is the first place money throws itself at when it comes to. If we were to break down below that $3000 level, then I think you could probably lose another $500 rather quickly in this market. Keep in mind that Ethereum is one of the big winners over the longer term, as it is the base layer for many other protocols.
I believe at this point we are more likely than not going to continue to see plenty of buyers on every dip that occurs, as there has to be a certain amount of “FOMO” out there at the moment. The market has been rather steady over the last couple of weeks, as we have simply continued to grind higher, showing real strength in markets, despite the fact that we have not had a lot of massive momentum.
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