"Jack's Trading Classroom: ETHUSD Bullish Target Revised Upwards"

On December 17, 2020, we published a technical analysis titled "Mid-term Bullish Target for ETHUSD," in which we mentioned that Ethereum retraced to the Fibonacci level of 38.2 (539.84). "In the future, we can continue to adjust the Ethereum target upwards to the Fibonacci levels of 127.2-138.2, with prices ranging from 679.08 to 696.27." The bullish target has not been reached yet, and the uptrend remains intact with higher lows, indicating that the bullish trend has not reversed.

On December 17, 2020, we published a technical analysis titled "Mid-term Bullish Target for ETHUSD," mentioning that Ethereum retraced to the Fibonacci sequence 38.2539.84. "In the future, we can continue to adjust the Ethereum target upwards to the Fibonacci sequence range of 127.2-138.2, with the price range falling between 679.08-696.27." The bullish target has not been reached yet, and the bottom continues to show an upward trend, indicating that the bulls have not reversed yet.

Currently, we see the four-hour candlestick chart of ETHUSD, with Ethereum dropping to 587.54 forming a low, which coincides with the support overlap of EMA144 and 169 below. The price later closed above the EMA12 filter line.

Based on this, we judge that the conditions for entering a long position on Ethereum in the four-hour timeframe are met, with 587.54 set as the stop-loss point. Combining Fibonacci analysis, we set the new high of 677.05 as Fibonacci 100 and the low of 535.60 as Fibonacci 0. Seeing the retracement point align perfectly with the 38.2589.63 of this uptrend wave. The original target price range of 679.08-696.27 can be adjusted upwards to the range of 127.2-138.2, falling between 715.52-731.08.

Recently, the digital currency market has experienced larger fluctuations, and it is recommended that operators strictly implement risk control and avoid high leverage and high contract volume operations to prevent additional losses caused by volatile market conditions. The article is a personal opinion, please read with caution, as cryptocurrency trading may pose risks to your capital.

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