Ethereum / Canadian Dollar
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ETHCAD -Update on the weekly timeframeThis analysis assumes that the May 17 and June 21 lows, which break the wave 1 high from Jan 8, 2018 (not allowed according to EW principles) is in fact a wave 4 bottom, and we are currently in a wave 5. The Fib targets for the cycle W5 are around 6k-7k (the -0.146 and -0.382).
On the lower degree (orange count) we appear to have completed a wave 4, and are now in a wave 5, and on the lowest degree (yellow count) i believe we have just completed a wave 1 and are now going to retrace for a wave
This will be fun to watchWhat I like the most about ETH is that it is very trend following. It just broke the wedge that it has been bouncing between for weeks and is rallying up as expected. However, the $2570 is the last obstacle in the way if it is broken we can see ETH push towards the $2900+ and into new price discovery and new all-time highs. Remember, this is not financial advice, this is just what I see happening.
ETH - 4H Wedge WatchWe recently saw ETH create a lower high coming off the peak of its recent move up. Seems to be consolidating with lower avg volume. Maybe sometime tonight/tomorrow this will either breakout to create a new high or drop to a recent support level, although I’m leaning on the bullish side as we all know what can happen to crypto on weekends!
Long on EthereumI have bought into Bitcoin at around $850 CAD just based on the idea I'm long on blockchain and crypto in general and ethereum had climbed way less than bitcoin since their highs in 2018. Bitcoin surpassed its previous 2018 high on around Dec.16th which around $20,000CAD. It is currently around $35,000CAD or up 75% since its previous high. In the case of Ethereum its previous high in 2018 was around $1,750CAD. It has a resistance point around $960 and breached that on Jan 3 and then brokeout. It























